The digital frontier has once again been breached in what is unfolding as the biggest cryptocurrency heist of 2024. PeckShield, a blockchain security company, has reported a significant hack affecting FixedFloat, a cryptocurrency and fiat exchange platform. Approximately 1,728 Ether (ETH), valued at around $4.85 million, along with 409 Bitcoins (BTC), worth approximately $21 million, have been siphoned off from the service.
Unfortunately, the direct vector of the attack remains unclear as wallets of the platform could have been compromised in various ways, including a phishing attack, social engineering attacks or simply an attack on a server or a PC where the access data to wallets is stored.
The transactions were traced to a final destination — an exchange on the Ethereum network labeled "eXch." Attackers are attempting to convert the stolen assets into other forms of currency or cryptocurrency, making them even harder to trace and recover. However, if no mixing solutions are used, funds can be easily tracked.
The implications of this breach 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 bolster their security protocols to prevent similar incidents.
Authorities and cybersecurity experts are most likely working closely to decode the transaction tree, aiming to recover 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.