Coin Mixer FixFloat Loses $26M in BTC and ETH to Hackers

FixFloat, a coin mixer and decentralized exchange (DEX), has become the latest victim of a major cryptocurrency hack in recent months.

$26M in BTC and ETH Stolen 

According to PeckShield Alert, FixFloat was hacked on Sunday, February 18, resulting in the theft of approximately $26 million worth of cryptocurrencies. The stolen funds, which were transferred to suspicious addresses, include 409 BTC ($21.17 million) and 1,728 ETH ($4.85 million).

#PeckShieldAlert #FixedFloat was hacked, resulting in ~1,728 $ETH (worth ~$4.85m) and & 409 $BTC (worth ~$21m) stolen. The drainer already transferred most of the stolen $ETH to #eXch on #Ethereum pic.twitter.com/IZKbCclH8v

— PeckShieldAlert (@PeckShieldAlert) February 19, 2024

FixFloat has entered maintenance mode following the hack.

Before FixFloat confirmed the hack, users had first complained of frozen transactions and missing funds. 

At first, FixFloat stated that it was a minor technical problem and that it had switched its service to maintenance mode to work on a fix. 

However, after a few hours, FixFloat attributed the issue to a hack that involved the “theft of funds.”

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

FixFloat assured users that services will resume soon and that it is working to “eliminate all possible vulnerabilities, improve security, and investigate” the matter.

While the DEX has said it will provide a detailed analysis of the incident at a later time, it has yet to make any comments at the time of filing this report.

Rising Crypto Thefts 

The latest hack adds to several exploits experienced by crypto projects over the past month – signifying that the industry remains susceptible to security risks despite the implementation of improved security protocols in recent times.

In late January, XRP saw its price slump by 5% amid reports that Ripple network had been hacked for approximately 213 million XRP, worth $112.5 million.

Shortly after, Phantom Wallet, a non-custodial wallet on Solana, experienced a Distributed Denial of Service (DDoS) attack. However, the platform later revealed that no users’ funds were lost.

According to a De.Fi Rekt, crypto projects have lost approximately $2 billion to hacks, scams, and exploits during the past year.