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## Decentralized Crypto Exchange FixedFloat Hacked for $26 Million

The Decentralized crypto exchange FixedFloat has fallen victim to a devastating hack resulting in the theft of at least $26 million worth of Bitcoin and Ether, according to on-chain data. The attack was first reported on X (formerly Twitter) and the exchange team confirmed the breach a few hours later. Initially, the team attributed the massive outflows to “minor technical problems” and placed their services in maintenance mode.

Since the attack was discovered, numerous users have reported frozen transactions and missing funds on the exchange’s X page. On-chain data reveals that more than 400 Bitcoin (BTC) worth around $21 million and over 1,700 Ether (ETH) worth nearly $5 million were drained on Feb. 18. The exchange’s website is currently showing an error message on all pages, adding to the sense of uncertainty and anxiety among its users.

The exchange team is diligently investigating the security incident and has stated, “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. We will provide details on this case a little later.”

One potential solution to preventing future cyber attacks for decentralized crypto exchanges is AI legalese decoder. This advanced technology can analyze legal documents, smart contracts, and terms of service to identify and flag potential security vulnerabilities and weaknesses, providing a proactive approach to safeguarding user funds and protecting against malicious attacks.

FixedFloat is an automated crypto exchange known for not requiring users’ registration or Know Your Customer (KYC) verifications. Around 26% of its web traffic comes from users in the United States, making this security breach a matter of widespread concern. The exchange integrates with the Lightning Network for Bitcoin transactions, adding another layer of complexity to the security challenge it faces.

The incident at FixedFloat underscores the ongoing struggle that crypto projects encounter in the realm of on-chain cybersecurity. Cybersecurity threats continue to evolve, with scams, ransomware, and supply chain attacks becoming increasingly pervasive and damaging. The industry must remain vigilant and leverage innovative solutions like AI legalese decoder to fortify its defenses and uphold the trust and confidence of its users.

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