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FixedFloat Exchange Hit by $3M Hack, Ethereum and Tron Networks Involved

FixedFloat exchange encounters a security breach involving Ethereum and Tron networks, raising concerns within the crypto community. Follow the investigation and response to this significant incident.

  • FixedFloat, a Bitcoin Lightning-based exchange, suffered a security breach resulting in over $3 million in losses.
  • Unauthorized transactions occurred involving Ethereum and Tron networks, raising concerns about security measures.
  • This incident marks a troubling recurrence of security issues for FixedFloat, following a similar breach earlier in the year.
  • The exchange assured clients that assets held or transacted via the service remained secure as FixedFloat operates as a non-custodial service.

FixedFloat, a prominent Bitcoin Lightning-based exchange, recently fell victim to a significant security breach, losing more than $3 million in the process. The breach involved unauthorized transactions on Ethereum and Tron networks, highlighting renewed concerns about security within cryptocurrency exchanges.

Security Breach and Financial Losses

FixedFloat, known for its exchange services across various cryptocurrencies, reported the breach after noticing suspicious activities resulting in the loss of over $3 million. This incident represents a troubling repetition of security issues for the exchange, echoing a similar breach earlier in the year. The utilization of the Bitcoin Lightning network aims to expedite transaction speeds but did not prevent the breach, signaling potential vulnerabilities within the system.

Security firm CertiK was the first to detect the unauthorized transactions, which involved funds transferred in ether (ETH) and tether (USDT) to wallets on Ethereum and Tron networks. FixedFloat promptly initiated an investigation into the breach, temporarily shutting down its website for technical maintenance. The exchange reassured clients that the stolen funds constituted company reserves and that assets held or transacted via the service remained secure, as FixedFloat operates as a non-custodial service.

The recurrence of security breaches at FixedFloat has prompted questions regarding the adequacy of corrective measures taken after the initial breach and the challenges exchanges face in safeguarding against sophisticated cyber threats. The crypto community and security experts are closely monitoring the situation, recognizing its potential impact on trust and security within the cryptocurrency ecosystem.

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