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FixedFloat denies internal role in $26m hack, vows to pay pending orders

source-logo  crypto.news  + 19 more 19 February 2024 16:30, UTC

Crypto exchange FixedFloat clarified that the recent hack wasn’t carried out by its employees rather, it was an external attack.

We reached out to the exchange for a detailed explanation of the hack, and the FixedFloat team clarified that it was caused by vulnerabilities and insufficient protection in its security structure. The attacker was able to bypass its defenses and gain access to some of its core service functions.

FixedFloat also emphasized that no user funds were impacted, as it’s a non-custodial exchange, and the impacted funds were its own assets. However, the hack has impacted the exchange’s ability to payout 30 outstanding orders. The team has promised to make these payments immediately after services are resumed.

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The hack took place yesterday, where approximately $26 million was drained from the platform’s BTC and ETH wallet. Initially, several users and analysts on social media claimed that FixedFloat developers were behind this incident and it was a potential rug-pull. However, the exchange denied any claims of internal involvement in its comment to crypto.news.

The losses on Ethereum $4.8M, funds deposited to eXch.
FixedFloat Wallet: 0x4E5B2e1dc63F6b91cb6Cd759936495434C7e972F
Attacker Wallet: 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) February 18, 2024

FixedFloat was heavily criticized yesterday for not reporting the hack immediately. The team acknowledged the delay but said that its main focus was eliminating the vulnerabilities and minimizing the loss, and that publicly reporting the incident immediately would’ve made other threat actors aware of the security flaw.

The platform is expecting its full-fledged operations to resume in the coming days, and is expected to release a full report after the ongoing investigation has concluded.

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