FixedFloat Denies Internal Involvement in $26 Million Hack, Pledges to Honor Pending Orders

FixedFloat Denies Internal Involvement in $26 Million Hack, Pledges to Honor Pending Orders

Following a recent hack, crypto exchange FixedFloat has clarified that the incident was not perpetrated by its employees but rather by external attackers. In response to inquiries seeking clarification on the hack, the FixedFloat team explained that vulnerabilities and insufficient security measures in their infrastructure allowed the attackers to breach their defenses and access certain core service functions.

Despite the breach, FixedFloat reassured users that their funds were unaffected as the exchange operates as a non-custodial platform, and the impacted assets belonged solely to the exchange. However, the hack has disrupted the exchange’s ability to fulfill 30 outstanding orders. The team has committed to settling these orders promptly once operations are restored.

The hack occurred recently, resulting in approximately $26 million being siphoned from the platform’s BTC and ETH wallets. Initial speculation on social media suggested that FixedFloat developers were involved, prompting accusations of a potential rug-pull.

FixedFloat faced criticism for not immediately disclosing the hack. The team acknowledged the delay but explained that their priority was addressing vulnerabilities and minimizing losses. They justified the delay by stating that immediate public disclosure could have alerted other threat actors to the security flaw.

The exchange anticipates resuming full operations in the coming days and plans to publish a comprehensive report once their ongoing investigation concludes.

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