Sign Up on MEXCFixedFloat Exchange Hit by Hackers, Loses $3M to Ethereum, Tron
Highlights
- FixedFloat hit again, over $3M in crypto transferred in suspicious activity.
- CertiK spots repeat pattern in FixedFloat hack, mirroring Feb incident.
- FixedFloat reassures that user assets are safe.
According to a post on the X platform by FixedFloat, a Bitcoin Lightning-based exchange, the service experienced a security breach leading to unauthorized transactions and financial losses.
FixedFloat, a company providing exchange services of various cryptocurrencies, with the use of the Bitcoin Lightning network to increase the speed of transactions, reported the event, after noticing some of the suspicious activities where more than 3 million United States dollars were sent out of the exchange. This incident points out a troubling repeat of security issues for FixedFloat after a similar occurrence in the same year.
Security Breach Details
CertiK, which is a security firm, was the first to notice these transactions, stating that the funds were transferred in ether (ETH) and tether (USDT) to wallets on the Ethereum and Tron networks.
The transactions’ row pattern resembled the attack that FixedFloat had suffered on February 16, which inferred a potential weakness in the system or its related third-party services. The website of the exchange was shut down for “technical maintenance” in response to these situations, meaning that the users had no access and information for a long time.
Exchange’s Response and Measures
Upon the breach, FixedFloat came out with a note that recognized the attack and detailed the measures that were taken right at the spot and to avoid such in future. The organization stressed its dedication to protection of its infrastructure and the continuous improvement of the security against such attacks.
On April 1, we were again attacked by the attackers who were behind the February 16 hack. The attackers did not stop there and continued to use various methods to try to hack our service again. Thanks to the enormous work done to improve the security of our infrastructure, we…
— FixedFloat⚡️ (@FixedFloat) April 2, 2024
FixedFloat informed its clients that the stolen funds constituted company reserves and the assets held or transacted via the service remained safe as FixedFloat is a non-custodial service.
Investigation and Industry Reaction
The occurrence has sparked a thorough investigation by FixedFloat, with information not being very forthcoming due to the delicate nature and magnitude of the probe. Given the potential consequences for trust as well as security in crypto exchanges, the crypto community and security experts are closely observing the situation.
The recurrent nature of the security breaches at FixedFloats as a result brings up doubts regarding the adequacy of the corrective action measures taken after the first breach and the difficulties exchanges encounter in protecting themselves from sophisticated cyber threats.
Read Also: ProShares Introduces First Bitcoin ETF To Target 2x Daily BTC Return
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
