Cyvers in the News

FixedFloat reportedly suffers $2.8 million theft, Tether freezes $400,000 from attackers

‍Decentralized exchange FixedFloat’s Ethereum-based hot wallet saw several suspicious transactions that led to the withdrawals of $2.8 million during the past day, according to the Web3 security firm Cyvers.

^{According to Cyvers:}

^{“Approximately 14 hours ago, a staggering $2.8 million was withdrawn from [FixedFloat] hot wallet on the ETH chain.} The funds were directed to a suspicious address, which subsequently received various digital assets including ETH, USDT, WETH, DAI, and USDC.”

Crypto Exchange FixedFloat Suffers Second Security Breach With $2.80 Million Lost

‍The cryptocurrency exchange FixedFloat has fallen victim to a second security breach, resulting in a loss of $2.80 million.

‍

Blockchain forensics firm ^{Cyvers sounded the alarm, revealing that suspicious transactions were detected, leading to the withdrawal of funds from FixedFloat’s hot wallet on the Ethereum (ETH) blockchain.}

‍

‍“The security breach at FixedFloat suggests an access control issue, similar to a previous hack on February 16. In both incidents, unauthorized access to the hot wallet led to the withdrawal of significant funds. Notably, blacklisted tokens like USDT and USDC were swiftly swapped to avoid being frozen, while DAI was directly deposited to eXch without conversion. This pattern indicates a targeted exploitation of vulnerabilities within the system’s access controls,” analysts at Cyvers told BeInCrypto.

‍

Tether blocks $280k linked to the FixedFloat hack, analyst explains breach

‍FixedFloat faced its second hack since February, as an earlier exploit cost the exchange over $26 million.

In both incidents, unauthorized access to the hot wallet led to the withdrawal of $2.8 million and $26 million in several tokens, respectively. Blacklisted tokens like USDT and USDC were swiftly swapped to avoid being frozen, while DAI was directly deposited to eXch without conversion. ^{Cyvers analysts believe the pattern indicates a targeted exploitation of vulnerabilities within the system’s access controls.}