FixedFloat has Suffered an Exploit, $26M Drained

FixedFloat, a digital asset trading platform, is another firm to have suffered an exploit that saw around $26 million being drained from the platform, attracting the attention of the crypto community. 

As reported earlier by TheCoinRise, Radiant Capital, a prominent cross-chain lending protocol, temporarily suspended its lending and borrowing markets on the Arbitrum network after it suffered an exploit worth $4.5 million (equivalent to 2337 ETH) targeting its newly launched USDC Coin (USDC) markets.

FixedFloat Exploited

It is important to note that FixedFloat confirmed the exploit after a few hours when the first reports of the hack surfaced on social media platform X (formerly known as Twitter). Interestingly, the team behind the crypto exchange initially stated that the massive outflows were a result of “minor technical problems” and switched its services to maintenance mode.

Notably, a number of users of FixedFloat confirmed missing funds and frozen transactions via X. Additionally, on-chain data shows that more than 400 Bitcoin (BTC) worth around $21 million and over 1,700 Ethereum (ETH) worth nearly $5 million were drained on February 18.

FixedFloat Issues a Statement

While there are no clear explanations regarding how the attack was carried out, the crypto exchange’s team is currently investigating the exploit. FixedFloat stated:

“We confirm that there was indeed a hack and theft of funds. 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.”

Error Message on the Website

Further, the platform’s website is currently showing “error” on all the pages of the official website. FixedFloat is a rising crypto exchange with no Know Your Customer (KYC) verification requirements, which goes against the standard practices followed by centralized digital asset trading platforms. 

Meanwhile, the data from SEMrush confirms that close to 26% of all the platform’s traffic comes from the United States. FixedFloat is one of the few exchanges that integrates with the Lightning Network for Bitcoin transactions. 

Rising Exploits in the Crypto Space

It is crucial to mention here that multiple exploits have been reported in the past few months, and the digital asset community is worried about the security of their funds. 

As covered earlier by TheCoinRise, KyberSwap, a Decentralized Exchange (DEX) protocol, lost $47 million, including $20.7 million on Arbitrum, $15 million on Optimism, $7 million on Ethereum, $3 million on Polygon, and $2 million on Coinbase’s Base.