In the latest blow to the digital asset ecosystem, Fixed Float, a coin mixer and decentralized crypto exchange, has fallen victim to a massive scam. The crypto hack resulted in the loss of around $26 million worth of Bitcoin (BTC) and Ethereum (ETH). Moreover, the crypto hacker was swift enough to transfer most of the stolen Ethereum.
Fixed Float Crypto Hack Fiasco Leads To Massive BTC & ETH Exploit
The Fixed Float crypto scam fiasco saw 409 Bitcoin, valued at $21.17 million, and 1,728 Ethereum, totaling $4.85 million, disappear from the platform. Thereafter, most of the stolen Ethereum funds were transferred to an exchange on Ethereum via the hacker, according to a post by Peck Shield Alert. However, there has been no update on what happened to the compromised Bitcoin funds.
#PeckShieldAlert #FixedFloat was hacked, resulting in ~1,728 $ETH (worth ~$4.85m) and & 409 $BTC (worth ~$21m) stolen. The drainer already transferred most of the stolen $ETH to #eXch on #Ethereum pic.twitter.com/IZKbCclH8v
— PeckShieldAlert (@PeckShieldAlert) February 19, 2024
The crypto exchange hack details first surfaced on X, with numerous users reporting frozen transactions and missing funds. Subsequently, the news of the Bitcoin and Ethereum exploit in the recent crypto hack was confirmed by Fixed Float. Initially downplaying the issue as merely “minor technical problems,” the platform swiftly transitioned into maintenance mode as the situation unfolded.
After a few hours, Fixed Float released a statement acknowledging the severity of the situation, describing it as a hack involving the “theft of funds.” According to the latest update, the crypto exchange is investigating the security breach to ascertain the source of exploit. At press time, the Fixed Float website displayed a technical maintenance message as it halted operations.
Also Read: Crypto Scam: Coin Mixer FixFloat Faces $26M Exploit
Fixed Float Provides Update On Investigation
Regarding ongoing investigations, Fixed Float has refrained from providing detailed explanations. The exchange stated, “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.”
Hello,
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…
— FixedFloat⚡️ (@FixedFloat) February 18, 2024
The exchange assured users of a forthcoming update, stating, “Our service will be available again soon. We will provide details on this case a little later.” However, users have been bashing the crypto exchange for having fallen victim to such a hack and have been labeling it as a “scam” site. Moreover, a user shared a snapshot of a chat wherein the Fixed Float team was asking for their private key.
The user alleged that the move could have been initiated by the hacker. However, the exchange confirmed that it was a part of their verification process and tried justifying the act by noting that they need the private key details to verify Monero (XMR) transactions on the platform. Nonetheless, users kept doubting the platform’s intentions following the $26 million crypto hack fiasco.
Also Read: Crypto Scams Rise in India as Another Consulting Executive Faces Fraud
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