About 85 pc of world’s cryptocurrencies are not even worth a cent: Report
About 85 per cent of the world’s cryptocurrencies are worth less than one cent, according to a report on Monday.
Decentralised crypto exchange FixedFloat has confirmed a hack that resulted in the theft of Bitcoin and Ether worth at least $26 million.
The exchange team confirmed the attack shortly after it was originally reported on X. Initially, the team attributed the massive outflows to “minor technical problems” and put its systems on maintenance.
“We confirm that there was indeed a hack and theft of funds. We are not yet ready to make public comments on this matter, as we are working to eliminate all possible vulnerabilities, improve security, and investigate. Our service will be available again soon,” FixedFloat said.
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Since February 17, several users have reported stalled transactions and missing funds on the company’s X page. As per on-chain data, over 400 Bitcoin worth around $21 million and more than 1,700 Ether worth about $5 million were drained on February 18.
In addition, FixedFloat’s official website was presently displaying an error message on all pages.
FixedFloat is an automated cryptocurrency exchange that does not require user registration or Know Your Customer (KYC) verification. According to SEMrush data, around 26 per cent of their site traffic originates from consumers in the US.
Meanwhile, a report by the blockchain intelligence company TRM Labs revealed that threat actors tied to North Korea stole at least $600 million in cryptocurrency in 2023.
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