Decentralized Exchange FixedFloat Loses $3 Million to Second Hack in One Month

Decentralized Exchange FixedFloat Loses $3 Million to Second Hack in One Month

Decentralized cryptocurrency exchange FixedFloat has allegedly lost $2.8 million to a recent hack. This is the second time the decentralized exchange (DEX) has lost funds to a hack in less than a month.

Cyvers Announces Second FixedFloat Hack

Cyvers Alerts, an X account posting real-time security alerts, revealed the hack. In an X post, Cyvers noted that hackers withdrew the funds from a hot wallet on the ETH chain and sent the assets to another address through several cryptos, including Ether (ETH), USDC, DAI, USDT, and Wrapped ETH (wETH). Reportedly, the hacker used eXch, a smart contract used to swap tokens. As of this writing, the DEX’s official website is unavailable due to “technical work.” Interestingly, FixedFloat has not confirmed or denied the hack.

FixedFloat is an automated cryptocurrency exchange that does not enforce know-your-customer (KYC) requirements.

In mid-February, FixedFloat suffered an exploit of more than $26.1 million. On February 17, users began complaining about inaccessible funds on X. By the next day, on-chain data showed that the exchange lost 409 Bitcoin (BTC) worth about $21 million at the time. The DEX also lost over 1,728 ETH, worth around $5 million.

FixedFloat acknowledged the attack a few hours after it happened. However, the company’s post did not specify what assets were affected or how much was drained.

Multiple decentralized exchange platforms have suffered hacks since late last year. For instance, KyberSwap lost $47 million in November last year. The affected funds were on multiple networks, including Base, Polygon, Ethereum, Optimism, and Arbitrum. In the same month, the dYdX exchange lost $9 million via the DEX’s v3 insurance fund. In early January, dYdX announced that through a combined campaign from partners, forensic experts, and investigators, it had found the hacker responsible.

OKX also suffered a hack in December after a proxy admin owner made an upgrade that allowed a hacker access to the private key. PeckShield announced in an X post that the total loss was $2.76 million.

Fewer Hacks So Far

On Monday, PeckShield stated that the crypto space witnessed more than 30 hacks in March 2024, with over $187 million in losses. The post says that around $98.8 million, about 53%, has been recovered. According to PeckShield, some of the notable hacks include Munchable with $97 million, Curio Network at $40 million, and Prisma Finance at $11.6 million. The figure from March is a 48% reduction compared to February.

The Munchables hack is interesting because the hacker returned all the funds without demanding ransom. The non-fungible token (NFT) game had lost 17,400 ETH on Tuesday, March 26. However, the hacker returned all $62.8 million worth of the funds within eight hours.

Chainalysis data from last year shows a general decline in losses from crypto hacks. While it admitted in a January report that hacking is still a significant threat because the number of attempts is on the rise, the amount lost has dropped. According to the report, there were 231 separate incidents in 2023. Despite the $1.7 billion lost to these incidents, the total is a 54% reduction compared to the $3.7 billion lost to 219 incidents in 2022.


Decentralized Exchange FixedFloat Loses $3 Million to Second Hack in One Month