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Bitcoin Lightning-based exchange FixedFloat experienced a hack according to a post on X, leading to financial losses due to unauthorized transactions. The exchange was shaken by the transfer of more than 3 million US dollars’ worth of cryptocurrency out of the exchange. This incident followed another attack in February, indicating a disturbing recurrence of security issues for FixedFloat.
Details of the Security Breach
Well-known security company CertiK was the first to detect these transactions, revealing that funds were transferred to Ethereum and Tron network wallets in Ethereum (ETH) and Tether (USDT).
The sequence of transactions mirrored the attack FixedFloat faced on February 16th, suggesting a potential vulnerability in the system or associated third-party services.
In response to the incident, the exchange’s website was shut down for “technical maintenance,” causing concern among users who were unable to access information for an extended period.
Exchange’s Response and Measures
Following the incident, FixedFloat made a statement detailing the attack and the measures taken to prevent such attacks in the future. FixedFloat reiterated its commitment to improving the security of its infrastructure against such attacks.
In the announcement, FixedFloat stated that the stolen funds belonged to the company’s reserves, and assets held or transacted through the service remained securely stored due to FixedFloat’s non-custodial nature.
Industry Reactions
The incident prompted a comprehensive investigation on the part of FixedFloat. Due to the sensitive and large-scale nature of the investigation, not much information was shared.
Considering the potential issues in security, which is a major trust factor in crypto exchanges, the crypto community and security experts are likely closely monitoring the situation on behalf of the exchange.
Ultimately, the repeated security breaches at FixedFloat raise questions about the adequacy of corrective actions taken after the initial hack.
Meanwhile, attention was also on the Bitcoin price, which at the time of writing had fallen by 5.83%, trading at $65,650.
