DO NOT USE FIXEDFLOAT

[NotATether]

There is already a topic about this in the exchanges section https://www.altcoinstalks.com/index.php?topic=317952.0, but because this is the second time FixedFloat got hacked, there needs to be two topics to spread the word.

Seriously, it looks like the hackers have installed some backdoor or RCE (remote code execution) into FixedFloat's servers which allows them to keep hacking them again and again and again. You would be wise to stay away from this exchange as it seems that whoever is doing this seems hellbent on taking them down.

You know the old saying: fool me once, shame on you, fool me twice, shame on me.

See this tweet for details: https://twitter.com/FixedFloat/status/1775172224216875223

On April 1, we were again attacked by the attackers who were behind the February 16 hack. The attackers did not stop there and continued to use various methods to try to hack our service again. Thanks to the enormous work done to improve the security of our infrastructure, we were able to successfully repel their attacks and continue to work.

However, despite all our efforts, unfortunately, hackers managed to discover a vulnerability of a third party whose services we use. Although such third-party attacks are beyond our control, we take all necessary measures to strengthen the security of our service and will work to prevent similar incidents in the future.

We would like to emphasize that financial losses affected only our service; hackers stole funds to ensure the liquidity of the service, that is, the company’s funds and user funds were not affected. We also want to emphasize that FixedFloat does not perform the functions of a custodial service, that is, it does not store user funds.

We are currently in the process of an active investigation. Details of the incident cannot yet be disclosed due to the ongoing investigation.

#fixedfloat

[Fivestar4everMVP]

Thank you very much for this warning, I personally have never heard of this exchange before, and neither have I ever come across them, but it's always very good to keep the crypto community well informed of this latest happenings, so that un-informed users get informed and don't fall a victim to loss of their deposited funds when the exchange possibly goes down due to the multiple hacks.

I still remember how cryptopia exchange went down in 2018 or so, It was by this very pattern, they were hacked the first time, they said all was fine and I kept using them, the second week after the first hack, they were hacked again, that week, I wasn't online to take out my fund, and in the same week I think, they were hacked the third time, and by the time I came online, they had stopped processing withdrawals, that was how I lost my over $400 balance I had on that exchange.

Things like this needs to be spread all over the forum so that alot of people be aware, and thanks for sharing here since I believe there are many of us who hardly visit the crypto exchange board.

[NotATether]

Thank you very much for this warning, I personally have never heard of this exchange before, and neither have I ever come across them, but it's always very good to keep the crypto community well informed of this latest happenings, so that un-informed users get informed and don't fall a victim to loss of their deposited funds when the exchange possibly goes down due to the multiple hacks.

FixedFloat is a kind of "instant exchanger" - so even though you can't keep them on the platform for a long time like a regular CEX, it is still possible to lose a lot of money from fraud and hacking.

[Fivestar4everMVP]

Thank you very much for this warning, I personally have never heard of this exchange before, and neither have I ever come across them, but it's always very good to keep the crypto community well informed of this latest happenings, so that un-informed users get informed and don't fall a victim to loss of their deposited funds when the exchange possibly goes down due to the multiple hacks.

FixedFloat is a kind of "instant exchanger" - so even though you can't keep them on the platform for a long time like a regular CEX, it is still possible to lose a lot of money from fraud and hacking.

OK, thanks very much for the headsup, I actually thought this was a centralized exchange like the ones we can leave our funds in for several weeks, months or as long as we want..

Well thank goodness they aren't, for I believe that much more would have been stolen by the hackers if this was a full fledged centralized exchange, for we have a lot of people who actually do leave their funds on the exchange disregarding how small or unpopular the exchange is, mostly due to high cost of withdrawals, most especially when the fund is one that will have to through ethereum blockchain (erc20 token).

Anyways, I wish this exchange luck and hope they don't get hacked again the third time.

[Sunderland]

Doublekills ... although no Fixedfloat users lost money there, but the level of customer trust must have fallen by now.
Actually, their profits must have been quite big since 2018 with more than 1.5M swaps, but losing almost $30M in just less than 2 months definitely a big blow for them.
The site is still down at the moment, but even if their website is operational again, maybe no one will want to use their service for a while.

[joniboini]

The site is still down at the moment, but even if their website is operational again, maybe no one will want to use their service for a while.

It would be good if that was the case, but from previous hacking incidents, I feel like some users would need more than one or two hacking lessons before they start moving to other platforms. Heck, maybe they need to be the victim itself before they start to learn. Let's see if there's anything different this time. On the other hand, shutting down the service and taking their time to find what went wrong instead of going live asap is expected.

[MrSpasybo]

It would be good if that was the case, but from previous hacking incidents, I feel like some users would need more than one or two hacking lessons before they start moving to other platforms. Heck, maybe they need to be the victim itself before they start to learn. Let's see if there's anything different this time. On the other hand, shutting down the service and taking their time to find what went wrong instead of going live asap is expected.

I don't hope that investors will have to go through bad things with any exchange to understand the risks in this crypto market. They may be scared or start to badmouth the crypto market, like many people who thought the whole crypto market was a scam like FTX did.

FixedFloat does not require users to KYC, which may be the only advantage it can attract attention and get users. I couldn't even find its profile on Coinmarketcap to know its liquidity and trading pairs. Users will have to consider using top CEXs with full KYC such as Binance, Coinbase, GateIO or exchanges that are not popular enough, do not require KYC and are also not safe for their assets. I myself will always choose the first 

[Stompix]

The bright side of this, you can't use it anyhow since they closed it immediately after that transfer so even if you would want to still trust them, not possible!
But yeah, after this is 'solved' nobody should put too much trust in them anymore!

You know the old saying: fool me once, shame on you, fool me twice, shame on me.

As I said on BTT, this smells like BS!
I get the previous hack, hacks always happen and will still happen, but the whole thing about getting hacked again in a month, about having the same hot wallet getting drained, about mysteriously the funds not being customer funds but neither the company funds, no way some post on twitter will convince me this time this wasn't done from the inside!
It's simply too much!

[Charles-Tim]

FixedFloat is a kind of "instant exchanger" - so even though you can't keep them on the platform for a long time like a regular CEX, it is still possible to lose a lot of money from fraud and hacking.

Oh! It is an instant exchange. The only instant exchange that I will prefer to use right now is https://exch.cx/. Although, we should be careful because  any exchange can be hacked. Be it centralized, decentralized or instant exchanges which are also centralized. They can all be hacked. Just as you said, the benefit of the instant exchange is that you can not leave you coins on the exchange as you will send from your noncustodial wallet and receive the coin you converted to on your noncustodial wallet. This makes the risk to be minimal than the other centralized exchanges.

[SamReomo]

I highly agree with OP, and I believe that one should not only use FixedFloat but any other exchanges for storing their Bitcoin or altcoins. It's fine to use exchanges for the sake of trading but one should only use the reputed ones. However, it's always better to avoid using exchanges if you aren't a trader and you don't make profits as a trader.

[dkbit98]

I never used FixedFloat exchange in my life, but I know they can randomly ask for kyc verification from members, but I saw how they get hacked two times in the same way and lost a lot of money.
I would not recommend anyone using this exchange when there are much better alternatives available.

[Cryptsafe]

The name of this exchange sounds new to me. Possibly this exchange is not a popular one in the Crypto space hence their identity unknown. However if it happens that they have suffered hack before it is wise that they form a culture of conducting routine maintenance and check on their servers to make sure it is void of anything that could affect or cause a repeated scenario again.

Possibly, they could change their servers for the sake of their investors funds so that nothing happens to it. Atleast changing the servers could help prevent any further hack attack on the  Crypto exchange. After all, they are crypto exchange and they could afford to change servers of they really want to do that.

[TomPluz]

I can easily give another chance for a crypto platform that got victimized by hackers once but if the same thing can happen again then maybe I would think thrice before I would trust it again. What is questionable here is the level of security employed by FixedFloat and its expertise to deal with the problem...the level must be too low so they are breached not once but twice. Now, of course, am happy that am not dealing with FixedFloat and in fact this is my first time to hear about it and not in a good way. I believe that we should only deal with the most reputable platforms so we can minimize the risks involved. And with that, I am wishing FixedFloat more luck and power so they can continue on doing business in the market.

[joniboini]

I don't hope that investors will have to go through bad things with any exchange to understand the risks in this crypto market. They may be scared or start to badmouth the crypto market, like many people who thought the whole crypto market was a scam like FTX did.

That would be ideal, but not all people are like that whether we like it or not. I believe the FTX case is quite severe so the impact is tangible even for someone who is not using their services. A hacking incident on an exchange like this usually doesn't bring the same impact.

The name of this exchange sounds new to me. Possibly this exchange is not a popular one in the Crypto space hence their identity is unknown.

They've been around for a while but they don't do marketing as much as others exchange, their niche is probably different from the market you usually interact with, so it is not a surprise if their name doesn't ring a bell for you. Not to mention a lot of competitors exist nowadays.

[Faisal2202]

Thanks for sharing the news with us, I have bookmarked this exchanger site, and a few days ago when the side-shift exchanger site was not offering good fee rates I preferred to use this FF one. But I have installed a sub-wallet extension on my browser, and when I visited the site, that wallet extension gave me a notification that the site is under some type of scam. I mean that was new to me and then I did not use the exchange. I am glad that I stopped there.

I don't know how Subwallet gave me that notification, as it must have some kind of security thing in it, Well, there are some other exchange sites on my list, but some are here:

As the platform has stated they are not using custodial wallets to hold user's funds and stated there own funds are affected only due to these hacks. But still, their site is down, and maintenance notification is given, I doubt after this incident they will be getting the same kind of users.

I assume now they will rebrand there company or start a new one and leave this one. Well, if that's the case then its a good opportunity for Signature managers to reach them with there offers.