Tether blocks $280k linked to the FixedFloat hack, analyst explains breach

Tether has blocked $280,000 USDT from seven wallets linked to the FixedFloat hack. 

Earlier today, the decentralized exchange lost nearly $3 million worth of ETH, USDT, USDC, WETH, and DAI due to a cyberattack on its Ethereum network. FixedFloat faced its second hack since February, as an earlier exploit cost the exchange over $26 million.

In both incidents, unauthorized access to the hot wallet led to the withdrawal of $2.8 million and $26 million in several tokens, respectively. Blacklisted tokens like USDT and USDC were swiftly swapped to avoid being frozen, while DAI was directly deposited to eXch without conversion. Cyvers analysts believe the pattern indicates a targeted exploitation of vulnerabilities within the system’s access controls.

The FixedFloat team has yet to provide any official statements regarding the attack. The exchange’s website shows an error page, and its X account shows no activity within the last three days.