Home Business Large crypto exchange loses 24 million euros due to sophisticated hack

Large crypto exchange loses 24 million euros due to sophisticated hack

Large crypto exchange loses 24 million euros due to sophisticated hack

A major decentralized crypto exchange, FixedFloat, was hacked last night (February 18). In total, the platform lost around $26 million due to a hacker. It’s about Bitcoin (BTC) and ether (ETH), with the damage being greatest for the former. Even more special is that the company itself initially stated that it was a “minor technical issue”.

Crypto exchange FixedFloat was hacked for $26 million

The decentralized took place on February 18th Crypto exchange (DEX) FixedFloat announced that they were hacked. The first confirmations were made on the social media platform X (formerly Twitter). The FixedFloat team then wrote the following:

“We confirm that a hack and theft of funds did indeed occur. We are not yet ready to comment publicly on this matter as we are still working to address vulnerabilities, improve security and conduct investigations.”

In addition, other than the fact that the team is open to questions from journalists, no other news has appeared on the site X account. The exchange’s website itself states that it is carrying out technical work, which initially misled customers. They thought their transactions were not going through due to maintenance.

Blockchain Detectives are the platform to publicize the hack

In the meantime, the platform was busy trying to figure out what happened. Crypto detectives like PeckShieldAlert and 0XJosh was ultimately vastly superior to the platform. They revealed that a total of 1,728 ETH and 409 BTC had been stolen, with a total value of almost $26 million.

The stolen funds are not customer assets. FixedFloat doesn’t care about storing them. They only trade cryptocurrencies and BlockchainTransactions. Here are no Know your customer Verification is required, which is why it is often used to conceal criminal transactions.

The hacker has already scared off investigators by moving his prey to eXch and HitBTC. Most likely, the person or organization behind the hack created a false trail. Nevertheless, efforts are being made to find a way to get the stolen funds back.

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