Crypto Scam: Coin Mixer FixedFloat Faces $26M Exploit

Another crypto scam has been perpetrated in the digital asset ecosystem and this time around, about $26 million worth of cryptocurrencies were siphoned from FixedFloat.

FixedFloat In Maintenance Mode

Coin mixer and decentralized crypto exchange FixedFloat suffered an exploit that led to the loss of 409 Bitcoin, currently valued at $21.17 million, and 1,728 Ethereum also worth $4.85 million. This brings the total value of the assets stolen to approximately $26 million. 

The crypto scam was initially reported on X as several users complained of frozen transactions and missing funds. Thereafter, the news of the Bitcoin and Ethereum hack was confirmed by the exchange. 

At first, FixedFloat claimed that the huge outflows from its platform were only a case of  “minor technical problems.” To this end, its platform was immediately switched to maintenance mode and remained so until now. After a few hours, FixedFloat released a statement describing the situation as a hack that involved the “theft of funds.”

Investigations are still ongoing and up to the time of this writing, no explanation has been offered as to how the attack was perpetrated. 

“We are not yet ready to make public comments on this matter, as we are working to eliminate all possible vulnerabilities, improve security, and investigate. Our service will be available again soon. We will provide details on this case a little later,” the exchange stated.

Crypto Scam Plaguing Crypto Industry

It is worth noting that on-chain cybersecurity has been one of the core challenges of the digital asset industry over the years. Many top protocols have fallen victim to such crypto scams that led to the loss of millions of dollars in cryptocurrencies. 

Renowned crypto payment firm Ripple reportedly suffered a major breach with $112.5 million worth of XRP coins lost in the attack.

A few weeks ago, it was Solana’s Phantom wallet that was caught in the middle of a Distributed Denial of Service (DDoS) attack. Sometimes, the hackers target high-profile individuals, using their faces to create crypto scam videos that might entice unsuspecting viewers. 

These bad actors are evolving in terms of the strategies they use to carry out their schemes, hence, crypto enthusiasts and investors are advised to remain vigilant, especially with phishing links in a bid to trade cautiously.