The digital frontier has been crossed once again in what is developing as the biggest cryptocurrency theft of 2024. PeckShielda blockchain security company, has reported a major hack that affects Fixed Floating, a cryptocurrency and fiat money exchange platform. Approximately 1,728 Ether (ETH), valued at around $4.85 million, along with 409 Bitcoins (BTC), worth approximately $21 million, have been diverted from the service.
The digital frontier has been crossed once again in what is developing as the biggest cryptocurrency theft of 2024. PeckShielda blockchain security company, has reported a major hack that affects Fixed Floating, a cryptocurrency and fiat money exchange platform. Approximately 1,728 Ether (ETH), valued at around $4.85 million, along with 409 Bitcoins (BTC), worth approximately $21 million, have been diverted from the service.
Unfortunately, the direct vector of the attack is still unclear, as the platform’s wallets could have been compromised in a number of ways, including a phishing attack, social engineering attacks, or simply an attack on a server or PC where they are stored. access data to the wallets.
The transactions were traced to a final destination: an exchange on the Ethereum network called “eXch.” Attackers are attempting to convert stolen assets into other forms of currency or cryptocurrency, making it even more difficult to track and recover them. However, if no mixing solutions are used, the funds can be easily traced.
The implications of this violation are far-reaching. Centralized exchange solutions are a convenient way to move funds between different networks, exchange various types of assets, or even enter the realm of digital currencies. However, no one is protected from the attack we just saw.
As the investigation continues, exchanges and wallet services should strengthen their security protocols to avoid similar incidents.
Authorities and cybersecurity experts are most likely working closely to decode the transaction tree, with the goal of recovering the stolen funds. As similar cases have shown, even the anonymous nature of a transaction will not protect hackers and the destination of the funds will most likely be detected.
