Coin Mixer FixFloat Faces $26M Exploit

Another crypto scam has been perpetrated in the digital asset ecosystem and this time around, about $26 million worth of cryptocurrencies were siphoned from FixFloat.

FixFloat In Maintenance Mode

Coin mixer and decentralized crypto exchange FixFloat suffered an exploit that led to the loss of 409 Bitcoin, currently valued at $21.17 million, and 1,728 Ethereum also worth $4.85 million. This brings the total value of the assets stolen to approximately $26 million. 

The crypto scam was initially reported on X as several users complained of frozen transactions and missing funds. Thereafter, the news of the Bitcoin and Ethereum hack was confirmed by the exchange. 

At first, FixFloat claimed that the huge outflows from its platform were only a case of  “minor technical problems.” To this end, its platform was immediately switched to maintenance mode and remained so until now. After a few hours, FixFloat released a statement describing the situation as a hack that involved the “theft of funds.”

Investigations are still ongoing and up to the time of this writing, no explanation has been offered as to how the attack was perpetrated. 

“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,” the exchange stated.

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

Crypto Scam Plaguing Crypto Industry

It is worth noting that on-chain cybersecurity has been one of the core challenges of the digital asset industry over the years. Many top protocols have fallen victim to such crypto scams that led to the loss of millions of dollars in cryptocurrencies. 

Renowned crypto payment firm Ripple reportedly suffered a major breach with $112.5 million worth of XRP coins lost in the attack.

A few weeks ago, it was Solana’s Phantom wallet that was caught in the middle of a Distributed Denial of Service (DDoS) attack. Sometimes, the hackers target high-profile individuals, using their faces to create crypto scam videos that might entice unsuspecting viewers. 

These bad actors are evolving in terms of the strategies they use to carry out their schemes, hence, crypto enthusiasts and investors are advised to remain vigilant, especially with phishing links in a bid to trade cautiously.

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.