Recent on-chain data reveals that the decentralized crypto exchange FixedFloat fell victim to an exploit, resulting in the loss of at least $26 million worth of Bitcoin and Ether.
The exchange team confirmed the attack shortly after reports surfaced on social media. Initially, the team attributed the significant outflows to minor technical issues and transitioned their services to maintenance mode.
Users Report Frozen Transactions and Missing Funds
Since February 17, numerous users have voiced concerns over frozen transactions and disappearing funds on FixedFloat’s platform. On-chain analysis indicates that on February 18 alone, over 400 Bitcoin valued at approximately $21 million and more than 1,700 Ether valued at nearly $5 million were siphoned from the exchange.
The method used to carry out the attack remains unclear, prompting an ongoing investigation by the exchange team.
FixedFloat Website Displays Error Message
Furthermore, visitors to FixedFloat’s website are currently greeted with an error message across all pages, indicating the disruption caused by the security breach.
FixedFloat, known for its automated exchange platform that operates without user registration or Know Your Customer (KYC) verification, attracts approximately 26% of its web traffic from users based in the United States. Notably, the exchange is integrated with the Lightning Network for Bitcoin transactions.
The incident underscores the ongoing challenges faced by crypto projects in ensuring on-chain cybersecurity. Recent developments within the Solana ecosystem have highlighted the emergence of scam-as-a-service marketplaces offering tools capable of executing bit-flip attacks.
