Fixedfloat is scamming me for 8000+ EUR IMPORTANT PSA!

[holydarkness]

they're going to hold it in their addresses until they are seized by the authorities. Otherwise, it will be sitting nicely in their wallet.

Why repeat their own lie? Blockchain evidence proves they transferred the funds shortly after they received it.

Ahh... my apology, I should have add, "according to them", I forgot about that part... which only add more line on the list of their discrepancies, next to how the taint rating initially shows a low score, and then they claimed that according to their detection system, it's 100% tainted.

[1714759111]

1714759111

[alterra57]

Fixedfloat has been hacked and lost 26 million US dollars.

https://twitter.com/CertiKAlert/status/1759250544684585440

What's even worse?

https://x.com/WazzCrypto/status/1759260002018058630?s=20

Good job.

[BenCodie]

Fixedfloat has been hacked and lost 26 million US dollars.

https://twitter.com/CertiKAlert/status/1759250544684585440

What's even worse?

https://x.com/WazzCrypto/status/1759260002018058630?s=20

Good job.

As soon as I saw the article that fixedfloat was "hacked" for this amount I thought, "this has to be an inside job" because of the amount. Why on earth would FixedFloat need $26m in hot wallet reserves to operate, let alone $2.6m? This makes no sense from an operational or security standpoint for a swapping platform like fixedfloat.

The status from WazzCrypto seems to infer that this was the case. That fixedfloat funded the "exploiter" wallet, thus being an inside job. Or is it inferring that the exploiter used the service to fund the wallet prior to exploiting the full amount?

[LoyceV]

Why on earth would FixedFloat need $26m in hot wallet reserves to operate~? This makes no sense from an operational or security standpoint for a swapping platform like fixedfloat.

I've asked the same question before, when exchanges got hacked. In general, you should only keep small amounts in a hot wallet. Could it be this is "small" to them, and they have much more in cold storage?

[FatFork]

Why on earth would FixedFloat need $26m in hot wallet reserves to operate~? This makes no sense from an operational or security standpoint for a swapping platform like fixedfloat.

I've asked the same question before, when exchanges got hacked. In general, you should only keep small amounts in a hot wallet. Could it be this is "small" to them, and they have much more in cold storage?

I think most of this probably comes from the fact that it's an instant exchange, not a classic cex, where you trade in some form of internal IOUs, and the exchange only needs real funds for withdrawals. Instant (automatic) exchanges needs readily available funds across multiple hot wallets to facilitate instant trades and to ensure liquidity on all trading pairs.

A regular centralized exchange acts more like a bank, managing internal accounts and transferring IOUs.  FixedFloat, on the other hand, functions more like a physical currency exchange booth.

[alterra57]

As soon as I saw the article that fixedfloat was "hacked" for this amount I thought, "this has to be an inside job" because of the amount. Why on earth would FixedFloat need $26m in hot wallet reserves to operate, let alone $2.6m? This makes no sense from an operational or security standpoint for a swapping platform like fixedfloat.

The status from WazzCrypto seems to infer that this was the case. That fixedfloat funded the "exploiter" wallet, thus being an inside job. Or is it inferring that the exploiter used the service to fund the wallet prior to exploiting the full amount?

Exploiter used the service to fund the wallet, doesn't prove fixedfloats involvement but I wouldn't take that scenario off the table. 26 million is too much money for an exchange that wasn't many peoples first choice.

[examplens]

Why on earth would FixedFloat need $26m in hot wallet reserves to operate~? This makes no sense from an operational or security standpoint for a swapping platform like fixedfloat.

I've asked the same question before, when exchanges got hacked. In general, you should only keep small amounts in a hot wallet. Could it be this is "small" to them, and they have much more in cold storage?

We will see in the coming days if they continue to work and do not declare bankruptcy, then they certainly have more funds in reserves and this 26 million is only a part. It's a good thing that most of the hacked coins are probably FixedFloat assets, not from their users.

[Synchronice]

Fixedfloat has been hacked and lost 26 million US dollars.

https://twitter.com/CertiKAlert/status/1759250544684585440

What's even worse?

https://x.com/WazzCrypto/status/1759260002018058630?s=20

Good job.

It's so funny, if anything needs regulation in crypto business it's exchange. They ask for KYC documents to know their users and also block your transaction if they have doubt about that without solid proof or just block it to put extra profit in their pocket but no one cares about their shady practices, they abandon every rule.

I read this in twitter post: Funds on Ethereum have been transferred through eXch. I really believe that it's an attack against exch. It's probably one among a few number of exchanges that respect privacy and its users.

[LoyceV]

Why on earth would FixedFloat need $26m in hot wallet reserves to operate~? This makes no sense from an operational or security standpoint for a swapping platform like fixedfloat.

I've asked the same question before, when exchanges got hacked. In general, you should only keep small amounts in a hot wallet. Could it be this is "small" to them, and they have much more in cold storage?

I think most of this probably comes from the fact that it's an instant exchange, not a classic cex, where you trade in some form of internal IOUs, and the exchange only needs real funds for withdrawals. Instant (automatic) exchanges needs readily available funds across multiple hot wallets to facilitate instant trades and to ensure liquidity on all trading pairs.

When Stake got hacked, $41 million was stolen. They are a lot more like a centralized exchange, and yet, they keep massive amounts of money in their hot wallet. So I don't think it's the type of exchange that makes them keep that much money in a hot wallet. Even if they'd have to pay a few employees 24/7 to manually keep an eye on a much smaller hot wallet, it would be a lot cheaper than losing this much money.

[Gladitorcomeback]

Why on earth would FixedFloat need $26m in hot wallet reserves to operate~? This makes no sense from an operational or security standpoint for a swapping platform like fixedfloat.

I've asked the same question before, when exchanges got hacked. In general, you should only keep small amounts in a hot wallet. Could it be this is "small" to them, and they have much more in cold storage?

We will see in the coming days if they continue to work and do not declare bankruptcy, then they certainly have more funds in reserves and this 26 million is only a part. It's a good thing that most of the hacked coins are probably FixedFloat assets, not from their users.

So far Fixed float doesn't officially revealed the hacking information. I just checked their twitter where they gives email for hacking related questions. One thing is confirmed that users fund are safe and they lost only own service fund. I asked above question through email but doesn't received any reply,maybe due large number of mail and support will answer one by one. For instant trading hot wallet is used to transfer fast payment but as far I know it is not such kind of exchange where people dare to exchange large number of fund

[Helena Yu]

After I read this accusations, it seems I need to stay away against this swaps even though they might the most popular swaps.

Someone posted if Fixedfloat is asking his "private key" even though Flxedfloat's representative already give a clarification if they asked Tx "Private Key" to prove the receipt of Monero transactions, but still they could choose better words like Tx Private Key or Transaction Key.


https://twitter.com/quaimine/status/1759216261660307642

[alterra57]

Fixedfloat has been hacked and lost 26 million US dollars.

https://twitter.com/CertiKAlert/status/1759250544684585440

What's even worse?

https://x.com/WazzCrypto/status/1759260002018058630?s=20

Good job.

It's so funny, if anything needs regulation in crypto business it's exchange. They ask for KYC documents to know their users and also block your transaction if they have doubt about that without solid proof or just block it to put extra profit in their pocket but no one cares about their shady practices, they abandon every rule.

I read this in twitter post: Funds on Ethereum have been transferred through eXch. I really believe that it's an attack against exch. It's probably one among a few number of exchanges that respect privacy and its users.

This is their karma, they've been freezing funds and going MIA without updating people on the money.

[dkbit98]

Fixedfloat has been hacked and lost 26 million US dollars.

I think this hack could easily shut them FixedFloat, but I really don't understand how any exchange nowadays can keep that amount of money in hot wallets and servers 
It's not that hard to set up cold wallets and multisig setup to prevent this from happening, this will add some complexity and it could slow down things, but security would be much better.
I wonder if this could be revenge of someone who got their money seized on Fixedfloat, or something bigger is behind this attack...

This is the message I see on their website:

ERROR
Technical work is underway, we will be back soon!😇
If you need to contact us, you can do this via chat.

Lot of people are pissed in twitter:

We are ready to answer some questions from journalists regarding the hacking incident and provide our comments. Please contact us by e-mail pr@fixedfloat.com

https://twitter.com/FixedFloat/status/1759530635129966813

[logfiles]

I think this hack could easily shut them FixedFloat, but I really don't understand how any exchange nowadays can keep that amount of money in hot wallets and servers  
It's not that hard to set up cold wallets and multisig setup to prevent this from happening, this will add some complexity and it could slow down things, but security would be much better.

I remember those old days when exchanges like Bitmex would process withdrawals in batches, 3 times every 24 hours. It would be an annoying procedure for any person who needed the Bitcoins in a hurry but security wise, one would be assured that incidents of hacker making massive withdrawals from exchange accounts were not possible without raising some eyebrows from the security.

As a matter of fact, during that time when exchange hacks were so rampant, I did not hear Bitmex becoming victims at all. I don't know if they still do it these days.

[alterra57]

I think this hack could easily shut them FixedFloat, but I really don't understand how any exchange nowadays can keep that amount of money in hot wallets and servers  
It's not that hard to set up cold wallets and multisig setup to prevent this from happening, this will add some complexity and it could slow down things, but security would be much better.

I remember those old days when exchanges like Bitmex would process withdrawals in batches, 3 times every 24 hours. It would be an annoying procedure for any person who needed the Bitcoins in a hurry but security wise, one would be assured that incidents of hacker making massive withdrawals from exchange accounts were not possible without raising some eyebrows from the security.

As a matter of fact, during that time when exchange hacks were so rampant, I did not here Bitmex becoming victims at all. I don't know if they still do it these days.

Bitstamp does this, it's every 15 minutes, I don't know if they added this after their last hack but it's one of the best security measures an exchange can have.

[LoyceV]

I wonder if this could be revenge of someone who got their money seized on Fixedfloat, or something bigger is behind this attack...

Unlikely. That's like robbing a bank when your debit card gets blocked.
Having that much in their hot wallet must be very encouraging for other hackers to try the same though. One way to make it not worth their while would be by keeping significantly less money in hot wallets.

[nutildah]

I wonder if this could be revenge of someone who got their money seized on Fixedfloat, or something bigger is behind this attack...

Unlikely. That's like robbing a bank when your debit card gets blocked.
Having that much in their hot wallet must be very encouraging for other hackers to try the same though. One way to make it not worth their while would be by keeping significantly less money in hot wallets.

From what I read, a few darknet market admins also lost money unexpectedly with FixedFloat (this was last year and before then as well). It could be they hired some kind of hacker or group to take them down. Either way, its definitely a sort of karma. I don't know how they'll stay in operation after this, or why. Clearly a terrible business model.

[LoyceV]

It could be they hired some kind of hacker or group to take them down.

It could be. But if you have the skills to steal 26 million, you probably don't need someone to hire you (for much less money) to do this.

[nutildah]

It could be they hired some kind of hacker or group to take them down.

It could be. But if you have the skills to steal 26 million, you probably don't need someone to hire you (for much less money) to do this.

True but they could have pointed the hackers in FixedFloat's direction. This was an article that kind of explains what I was talking about -- the issue with FixedFloat isn't new & has been going on for at least a couple of years.

https://darknetlive.com/post/investigating-the-selective-scamming-behavior-of-non-kyc-exchange-fixedfloat--7b0cd6e8

Investigating the Selective Scamming Behavior of Non-KYC Exchange FixedFloat

In recent developments, serious allegations have surfaced against the well-known non-KYC exchange, FixedFloat, suggesting selective scamming practices targeting users. These claims have been brought to light by a market admin who revealed that the exchange retains significant transactions under the guise of "anti-money laundering" measures. Unlike its competitors, who return funds to the sender in the event of an unexecuted exchange order, FixedFloat reportedly keeps the funds for itself.

Users on Dread, the largest English forum on the dark net, have also voiced similar concerns, accusing the exchange of engaging in selective scamming activities specifically related to large exchange orders.

Warning: Got fucked by fixedfloat.com

Converted large amounts over fixedfloat over the years, never had an issue. Approximately one hour ago, coins were sent to their exchange for hot wallet rebalancing. XMR didn't come out the other end, and turned out to be confiscated.

Their support replied with: "We received word from our exchange partner that your crypto were obtained through illegal proceedings. Please provide proof of funds."

Careful everyone!

Can confirm.

Happened to me 3 weeks ago, lost around $9k.

Ironically, did a transaction that was around the same amount about 2 hours before, they processed it no problem.

They have turned into selective scammers.

They have no "exchange partner", and they will continuously say their intention is to "return funds to the victim", when there is no fucking victim except you the user getting scammed by them. They know exactly what they are doing.

Happened to me about 3-4 weeks ago for $9k. They know exactly what they are doing. Processed a near identical transaction mere hours before that went through no problem, then the next one gets pulled for 'KYC time'.

Selective scammers. They probably have eyes on a couple of the market wallets, if they see any connection with coins coming from there they pull your card and you're SOL. That's my suspicion anyway.

In order to investigate these allegations, our team conducted tests which resulted in our funds being unexpectedly "suspended." It is worth noting that DarknetLive relies on user donations and does not engage in any illegal activities to generate revenue.

These allegations paint a disconcerting picture of selectively enforced rules within the industry. It appears that when presented with a substantial opportunity, the operators of FixedFloat are willing to disregard their own policies and resort to unjust practices. While the exchange may claim to prioritize handling funds of questionable origin by refraining from exchanging them, they seem to have no qualms about appropriating these funds for their own benefit.

The foundation of FixedFloat's business model seemingly revolves around offering extremely low fees, but this is overshadowed by their alleged large-scale confiscation of funds, knowing that proving their misdeeds will be nearly impossible for their customers. In light of these allegations, caution is advised when considering any exchange requiring KYC verification. It is disheartening to witness a scam masquerading behind seemingly legitimate policies, ultimately profiting illegally at the expense of unsuspecting customers.

Had this incident been a genuine violation of their Terms of Service, FixedFloat should have refunded the money, deducting applicable transaction fees, and provided an explanation regarding the suspicious nature of the swap, leading to its cancellation.

It would be interesting to see if this windfall profit from their alleged illicit activities will be reported (or not) on their 2023 tax form.

[dkbit98]

Unlikely. That's like robbing a bank when your debit card gets blocked.
Having that much in their hot wallet must be very encouraging for other hackers to try the same though. One way to make it not worth their while would be by keeping significantly less money in hot wallets.

I am not sure, but they pissed some people for sure.
You cant use a bank without verification, while FixedFloat was doing only selective verification, and there are many cases when they seized money from people, it was even posted in this forum about that.

From what I read, a few darknet market admins also lost money unexpectedly with FixedFloat (this was last year and before then as well). It could be they hired some kind of hacker or group to take them down. Either way, its definitely a sort of karma. I don't know how they'll stay in operation after this, or why. Clearly a terrible business model.

I didn't know about that but I am not surprised to hear it.
That doesn't mean that those admins hacked or hired anyone but there is a motive to do it, and this is the first thing to look when crime happens.
Someone probably knew they have a lot of money in held hot wallet, so it is also possible that someone leaked information from the inside.