Fixedfloat is scamming me for 8000+ EUR IMPORTANT PSA! - page 2.

dkbit98

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Quote from: alterra57 on February 18, 2024, 12:25:26 PM

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 Roll Eyes

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:

Quote

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:

Quote

We are ready to answer some questions from journalists regarding the hacking incident and provide our comments. Please contact us by e-mail [email protected]

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

alterra57

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Quote from: Synchronice on February 19, 2024, 06:59:42 AM

Quote from: alterra57 on February 18, 2024, 12:25:26 PM

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.

Helena Yu

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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

Gladitorcomeback

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Quote from: examplens on February 19, 2024, 06:58:51 AM

Quote from: LoyceV on February 19, 2024, 02:51:33 AM

Quote from: BenCodie on February 19, 2024, 02:47:24 AM

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

LoyceV

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Quote from: FatFork on February 19, 2024, 05:16:23 AM

Quote from: LoyceV on February 19, 2024, 02:51:33 AM

Quote from: BenCodie on February 19, 2024, 02:47:24 AM

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.

Synchronice

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Quote from: alterra57 on February 18, 2024, 12:25:26 PM

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.

examplens

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Quote from: LoyceV on February 19, 2024, 02:51:33 AM

Quote from: BenCodie on February 19, 2024, 02:47:24 AM

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.

alterra57

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Quote from: BenCodie on February 19, 2024, 02:47:24 AM

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.

FatFork

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Quote from: LoyceV on February 19, 2024, 02:51:33 AM

Quote from: BenCodie on February 19, 2024, 02:47:24 AM

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.

LoyceV

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Quote from: BenCodie on February 19, 2024, 02:47:24 AM

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?

BenCodie

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Quote from: alterra57 on February 18, 2024, 12:25:26 PM

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?

alterra57

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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.

holydarkness

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Quote from: LoyceV on February 10, 2024, 04:24:10 AM

Quote from: holydarkness on February 09, 2024, 04:08:18 PM

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.

JollyGood

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I have to agree, I think there is more to this story than meets the eye as far as the OP is co concerned. Even if he was not completely open (or honest) about what happened that resulted in him receiving €8000, the damage to the reputation of Fixedfloat has already occurred and is unlikely to be repaired.

Having said all that, it is not impossible for the OP to receive a large payment for making the website but it is as though some pieces of the jigsaw were deliberately withheld in the OP. Now both the OP and Fixedfloat are silent but whereas nobody knows the OP, it is Fixedfloat that lost much more as a result of them seizing the funds. The KYC they put the client of the OP through is one of the most bizarre things I have read regarding exchanges asking for KYC.

Quote from: holydarkness on February 10, 2024, 03:52:10 AM

Even if they've refunded OP and get into a resolution off-screen, or [if we assume for a while here] OP did not tell the full story and there are more to tell, I think the taint on their reputation is already done and can't be erased. They've show that they overcomplicate things, requesting way too intrusive KYC despite their claim of supporting privacy, and --the most important-- no one can guess whether their fund will get through or get confiscated when dealing with their platform, given they have their own blocklist and taint measurement.

LoyceV

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Quote from: Synchronice on February 09, 2024, 01:41:36 PM

Company is registered in Seychelles. Does anyone really believe that these really give money to authorities?

No, of course not.

Quote from: holydarkness on February 09, 2024, 04:08:18 PM

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.

holydarkness

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Quote from: JollyGood on February 09, 2024, 07:59:59 PM

The OP made his last post on 30th January therefore we do not know if any settlement was made between himself and Fixedfloat but it would seem highly unlikely. Yes they lied and for that they have to accept their reputation is basically zero when it comes to the opinion of members of the forum. In future, regardless of the steps they take in trying to protect their brand, they will be reminded of this incident because it clearly seems to be about them finding any excuse they can think of in order to steal funds.

Even if they've refunded OP and get into a resolution off-screen, or [if we assume for a while here] OP did not tell the full story and there are more to tell, I think the taint on their reputation is already done and can't be erased. They've show that they overcomplicate things, requesting way too intrusive KYC despite their claim of supporting privacy, and --the most important-- no one can guess whether their fund will get through or get confiscated when dealing with their platform, given they have their own blocklist and taint measurement.

JollyGood

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The OP made his last post on 30th January therefore we do not know if any settlement was made between himself and Fixedfloat but it would seem highly unlikely. Yes they lied and for that they have to accept their reputation is basically zero when it comes to the opinion of members of the forum. In future, regardless of the steps they take in trying to protect their brand, they will be reminded of this incident because it clearly seems to be about them finding any excuse they can think of in order to steal funds.

Quote from: LoyceV on February 03, 2024, 03:20:39 AM

Quote from: JollyGood on February 02, 2024, 10:52:45 AM

The Fixedfloat forum representative have taken themselves out of the thread and that is disappointing. It seems they have not posted since 29th January.

Quote from: ScamViruS on February 02, 2024, 02:04:50 PM

Now you have stopped engaging in this thread, but it would be better if you explain the reason behind it. Because this raises doubts about the claim you are making.

They lied. That should tell you everything you need to know:

Quote from: LoyceV on January 29, 2024, 08:44:08 AM

Quote from: fixedfloat on January 27, 2024, 06:46:43 AM

The funds remain frozen at our addresses, and when the frozen funds are seized by the authorities, they are also sent from our addresses.

That's not true. You say the funds "remain frozen", but that can't be since you've mixed them already.
The first transaction was mixed in this transaction and that same output was used to sent to another address. The second transaction was mixed in this transaction and also sent to another address. None of the funds were frozen in your wallet, you're normally using them to pay other people.
To summarize: if those funds came from criminal activity as you claim, you've now sent it to other innocent users who now own those "tainted" Bitcoins.
It sounds very much like you only care about "taint" when it's convenient for you.

nutildah

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Quote from: holydarkness on February 09, 2024, 04:08:18 PM

Quote from: Synchronice on February 09, 2024, 01:41:36 PM

[...]
Company is registered in Seychelles. Does anyone really believe that these really give money to authorities? Especially when they or their partners make BA analysis. It's dust, nobody cares about such a tiny amounts and they keep this money for themselves.
With all due respect, I don't believe small exchanges confiscating some bucks freeze money till they get contacted from authorities unless it's a very serious case.

Well, that's the beauty of their policy, 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. I imagine they can say some funds are still not being confiscated by the authorities and thus still remains in their possession.

What's dumb is nobody will ever come after those funds unless they are demonstrably the proceeds of a ransomware operation, hack, or theft. If the funds in question are tainted to such a degree that they're basically on fire, FixedFloat could easily just send the same amount back to the address from which they were received (preferably from the output from their receiving address). But no, they mix them in their hot wallet so they can just say, "whoops, its too late to refund our customer now." What a load of BS.

holydarkness

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Quote from: Synchronice on February 09, 2024, 01:41:36 PM

[...]
Company is registered in Seychelles. Does anyone really believe that these really give money to authorities? Especially when they or their partners make BA analysis. It's dust, nobody cares about such a tiny amounts and they keep this money for themselves.
With all due respect, I don't believe small exchanges confiscating some bucks freeze money till they get contacted from authorities unless it's a very serious case.

Well, that's the beauty of their policy, 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. I imagine they can say some funds are still not being confiscated by the authorities and thus still remains in their possession.

Synchronice

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@crypto4design
@fixedfloat
Is there any news about this case? Just wondering what happened, did you give him his money or what? There is a silence from both of you. I hope that indicates that his problem got solved but on another hand, if that's true, I don't understand why @fixedfloat isn't posting to update us (I hope crypto4design didn't give up).

Quote from: LoyceV on February 03, 2024, 03:20:39 AM

They lied. That should tell you everything you need to know:

Quote from: LoyceV on January 29, 2024, 08:44:08 AM

Quote from: fixedfloat on January 27, 2024, 06:46:43 AM

The funds remain frozen at our addresses, and when the frozen funds are seized by the authorities, they are also sent from our addresses.

That's not true. You say the funds "remain frozen", but that can't be since you've mixed them already.
The first transaction was mixed in this transaction and that same output was used to sent to another address. The second transaction was mixed in this transaction and also sent to another address. None of the funds were frozen in your wallet, you're normally using them to pay other people.
To summarize: if those funds came from criminal activity as you claim, you've now sent it to other innocent users who now own those "tainted" Bitcoins.
It sounds very much like you only care about "taint" when it's convenient for you.

Company is registered in Seychelles. Does anyone really believe that these really give money to authorities? Especially when they or their partners make BA analysis. It's dust, nobody cares about such a tiny amounts and they keep this money for themselves.
With all due respect, I don't believe small exchanges confiscating some bucks freeze money till they get contacted from authorities unless it's a very serious case.

Topic: Fixedfloat is scamming me for 8000+ EUR IMPORTANT PSA! - page 2. (Read 1535 times)