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Home»TRADING NEWS»FixFloat denies any insider role in the $26 million hack and vows to pay out pending orders.
TRADING NEWS

FixFloat denies any insider role in the $26 million hack and vows to pay out pending orders.

By Crypto FlexsFebruary 19, 20242 Mins Read
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FixFloat denies any insider role in the  million hack and vows to pay out pending orders.
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Cryptocurrency exchange FixedFloat recently revealed that the hack was not carried out by its employees but was an external attack.

We have reached out to the exchange for further clarification on this. hack, the FixFloat team stated that it was caused by vulnerabilities and lack of protection in the security architecture. The attackers were able to bypass defenses and gain access to some core service functions.

fixed floating It also emphasized that since it is a non-custodial exchange, user funds were not affected and the affected funds were its own assets. However, the hack affected the exchange’s ability to pay out 30 outstanding orders. The team has committed to paying these costs as soon as service resumes.

A hack occurred yesterday, draining approximately $26 million from the platform’s BTC and ETH wallets. Initially, several users and analysts on social media claimed that FixFloat developers were behind the incident and a potential sticking point. However, the exchange denied claims that it had any internal involvement in the comments on crypto.news.

Ethereum lost $4.8M, funds deposited into eXch.
Fixed float wallet: 0x4E5B2e1dc63F6b91cb6Cd759936495434C7e972F
Attacker Wallet: 0x85c4fF99bF0eCb24e02921b0D4b5d336523Fa085

— 🚨 Cybers Alerts 🚨 (@CyversAlerts) February 18, 2024

FixFloat came under heavy criticism yesterday for not reporting the hack immediately. The team acknowledged the delay but said its primary focus was eliminating vulnerabilities and minimizing damage, and that reporting the incident publicly immediately would have made other threat actors aware of the security flaw.

The platform expects full operations to resume within the next few days and is expected to release a full report after the ongoing investigation is completed.

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