FixedFloat Suffers $2.8 Million Loss in Second Hack of the Year

The cryptocurrency exchange FixedFloat has been targeted by a second attack this year. Experts have assessed the damage at no less than $2.8 million.

On April 1, we were again attacked by the attackers who were behind the February 16 hack. The attackers did not stop there and continued to use various methods to try to hack our service again. Thanks to the enormous work done to improve the security of our infrastructure, we…

— FixedFloat⚡️ (@FixedFloat) April 2, 2024

According to the team’s statement, the attack on the platform was carried out by the same group of hackers responsible for the February 16 breach. The exchange’s infrastructure was reportedly unharmed, but the hackers exploited a vulnerability in a third-party service provider.

“While such attacks on third parties are beyond our control, we are taking all necessary measures to strengthen the security of our service and will work on preventing them in the future,” the statement said.

FixedFloat did not disclose the amount of the loss and assured that user funds were not affected.

“Details of the incident are not being disclosed due to the ongoing investigation,” the developers explained.

According to Cyvers experts, a “suspicious” withdrawal of cryptocurrency amounting to $2.8 million occurred from FixedFloat’s hot wallet.

?ALERT?Our system has detected some suspicious transactions with @FixedFloat!

Approximately 14 hours ago, a staggering $2.8M was withdrawn from their hot wallet on the $ETH chain. The funds were directed to a suspicious address, which subsequently received various digital… pic.twitter.com/F671oKR5N6

— ? Cyvers Alerts ? (@CyversAlerts) April 2, 2024

“The funds were sent to a suspicious address, which subsequently received various digital assets, including ETH, USDT, WETH, DAI, and USDC,” noted the cybersecurity company specialists.

The entire amount was then “immediately” converted into Ether via DEX and sent to the eXch exchange. Following these transactions, FixedFloat’s hot wallet ceased operations, and the platform’s website went into maintenance mode, experts noted.

In February, the exchange lost $26 million due to an attack stemming from access control issues. After the incident, FixedFloat also began technical work on its site.

In March, losses in the crypto industry from hacks amounted to $187 million, of which nearly $99 million was recovered, according to PeckShield.