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- 1 FixedFloat, a DEX and Coin Mixer, lost over $25 Million in a breach on February 18.
- 2 The exchange has lost 409 Bitcoins and 1,728 Ethers, collectively worth $26 Million.
- 3 Chainalysis conducted a study and identified that crypto ransom attacks crossed over $1 Billion in 2023.
The evolving techniques of looting funds from the cryptocurrency market are alarming. Multiple reports show that every year the crypto industry loses over a Billion dollars in crypto.
FixedFloat, a decentralized cryptocurrency exchange, replied to an X user, saying, “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.”
Coin Mixer FixedFloat lost around $26 Million in crypto; in the breach, the firm lost 409 Bitcoin worth $21.37 Million as of writing and more than 1700 Ethereum worth $4.85 Million.
Details of the breach in the ecosystem are still undisclosed. The technicians and engineers termed it a ‘minor problem,’ which sparked discussions on X, with some speculating that the developers are behind the theft.
The information about the theft was also confirmed by Certik, a blockchain security firm’s X account, on February 18, 2024.
The update on the issue from the FixedFloat team is still awaited, and the firm is conducting an undisclosed investigation.
FixedFloat said, “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 provide details on this case a little later.”
Severe Effects of Theft in Crypto
In the past few quarters, bad actors have troubled the entire crypto industry and every year, over a Billion dollars went out of the market. Chainalysis recently released a report on crypto, which states that crypto ransom attacks crossed over $1 Billion in 2023.
However, Lazarus Group of North Korea remains the most active firm of bad actors that wiped out hundreds of Millions from the market in the previous year. The surge in crypto attacks is detrimental to the industry, for existing and potential members.
Most recently, an expert working at Paradigm formed an alliance with other security experts to safeguard the firms from bad actors and hackers. It is crucial to note that the firm secured $1 Million in funding from some leading companies.
Crypto Market Updates
The crypto market capitalization grew significantly in the past few days, and when writing, the market capitalization is $1.98 Trillion. Dozens of market analysts claim that the market cap will soon achieve the milestone of $2 Trillion.
Bitcoin (BTC), the pioneer of the cryptocurrency market, grew more than 8% in the past seven days. When writing, BTC was trading at $52,355 with an intraday surge of 0.50%; a boost in the trading price of Bitcoin is seen following its much-awaited spot ETF.
Ethereum (ETH), the second most talked about token, has also shown significant improvements in the past few days in terms of price. According to market observers, the ETH’s trading price spike is solely backed by the yet-to-be-approved Ether spot ETF.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
