The Scammer transferred the majority of the pilfered Ethereum funds after the compromise of BTC and ETH worth $26 million on Fixed Float.
A massive scam has befallen Fixed Float, a decentralized cryptocurrency exchange and coin mixer, dealing the latest damage to the digital asset ecosystem.
The cryptocurrency breach led to the loss of Bitcoin (BTC) and Ethereum (ETH), which are valued at approximately $26 million. Furthermore, the crypto criminal swiftly transferred most of the pilfered Ethereum.
Fixed Float Crypto Hack Results
The Fixed Float cryptocurrency fraud incident resulted in the loss of 1,728 Ethereum, worth $4.85 million, and 409 Bitcoin, worth $21.17 million.
The intruder subsequently transferred the majority of the stolen Ethereum funds to an Ethereum exchange, according to a post by Peck Shield Alert. Nevertheless, the whereabouts of the compromised Bitcoin funds remain unknown.
#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, 2024The details of the cryptocurrency exchange breach first surfaced on X, where many users lodged reports regarding blocked transactions and misplaced funds.
Following this, Fixed Float verified the rumors regarding the Bitcoin and Ethereum vulnerabilities compromised in the recent cryptocurrency breach. Although the platform initially characterized the issue as “minor technical problems,” it quickly entered maintenance mode as the situation progressed.
The severity of the situation was acknowledged in a statement issued by Fixed Float a few hours later; the statement described the breach as a “theft of funds.” Recent reports indicate that cryptocurrency exchanges investigate security vulnerabilities to identify the exploit’s source. As of publication, the Fixed Float website was offline and displaying a technical maintenance message.
Fixed Float Delivers An Investigation Update
About ongoing inquiries, Fixed Float has abstained from offering comprehensive elucidations. 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.”
Looks like @FixedFloat just got exploited for 1700 ETH!
Drainer address: 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085
Info by: @reprove pic.twitter.com/XHnHy3CFSs
— Officer's Notes (@officer_cia) February 18, 2024The exchange guaranteed users an imminent update, which declared, “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 labeled it a “scam” site. Additionally, a screenshot of a conversation in which the Fixed Float team requested the user’s private key was published by a user.
The user purported that the hacker may have been the one to instigate the action. 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. Despite this, users continued questioning the platform’s motives after the $26 million cryptocurrency breach.