Hackers Drain $26 Million Worth of Crypto from FixedFloat Exchange | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker

Hackers ruin the weekend for the fully automatic crypto exchange, Fixed Float, with their multi-million theft right under their eyes. While the team confirms the hack, bad actors have already started laundering stolen funds to exchanges.  The team has launched an investigation and is working hard to eliminate vulnerabilities.

Were the hackers trying to steal private keys?

Officer CIA, an onchain investigator, was the earliest to notify the crypto community of the hack. The hacker managed to drain 1728 ETH worth $4.85 Million and another 409 BTC worth $21 Million bringing the total crypto lost to $26 Million. Not delaying a bit, he has already started transferring most of the stolen ETH to eXch on Ethereum. 

Adding more details, Officer CIA revealed that the exploiter is using eXch , a centralized mixer that uses thorswap. It seems that the drainer is simply trying to confuse the trail of his transactions by framing innocent owner owned addresses. Creation of a false trail is the tactic commonly used among hackers to not get caught.

Many users took to crypto twitter with their complaints regarding the delay and incompletion in their transactions. To their dismay, FixedFloat was hacked a few hours later. A certain user was asked by the support team of FixedFloat for his private keys on their website. Surely enough it was the hacker talking to the user.

Affirmation by the team

As a response, the fixedFloat team officially confirmed  the hack and theft of funds. Though the reason for the exploit was not mentioned, the team is currently busy in eliminating all vulnerabilities. Their aim now is to provide robust security and thus all the services are halted. 

Conclusion: Don’t let your crypto lying the exchanges

Crypto platforms despite  adopting various security measures are susceptible to hacks like these where user assets are at huge risks of getting stolen. Crypto industry experts  have always stressed the importance of storing unused crypto in cold wallets , eliminating it from getting hacked on exchanges. 

The crypto community awaits the result of a detailed investigation highlighting the reason for the theft and compromise of keys. While the user sentiments have been brought down by the hack, it is fair enough for the team to soon release a recovery plan


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