FixedFloat Exchange Releases Statement on Security Breaches and Future Improvements
FixedFloat, a prominent cryptocurrency exchange service, is excited to announce its successful return to full operation after experiencing a series of security breaches in February and March of this year. These incidents resulted in the theft of $26.1 million, prompting the company to take significant measures to enhance its security infrastructure and ensure the safety of its users’ assets.
In February, FixedFloat encountered a major security breach when an attacker exploited a vulnerability in the company’s security structure. Despite immediate efforts to address the weaknesses, the same attacker struck again on March 31.
After conducting a thorough analysis, it was determined that the attacker had taken advantage of vulnerabilities in the services provided by Time4VPS, a third-party hosting provider utilized by FixedFloat.
Time4VPS: A Compromised Partnership
For several years, FixedFloat relied on Time4VPS for hosting services, initially selecting it for its affordability and convenience. Although most of our infrastructure had been migrated to proprietary servers, some low-power nodes and subsystems remained hosted with Time4VPS by early 2024.
Time4VPS, which serves over 100,000 customers across Europe, promotes itself as a secure and customer-focused provider, but we found this claim to be misleading.
Details of the Security Breach
In February, the attacker identified the IP address of one of our technical servers hosted by Time4VPS. On March 31, unauthorized access was detected across all our Time4VPS servers, even though the attacker only knew one IP address. Despite our immediate actions to change passwords, the hacker managed to override these changes and maintain access.
Time4VPS’s virtualization technology limited our ability to activate critical security protocols following the breach, exacerbating the situation. Despite our efforts to delay further attacks by changing server passwords, the hacker exploited global access permissions to bypass our defenses.
Upon discovering the intrusion on March 31, we promptly notified Time4VPS. However, their response was inadequate as technical support was unavailable due to the holiday. Despite the clear breach, their only advice was to change passwords. It wasn’t until we insisted on action that they acknowledged the hack and promised a report, which remains undelivered three months later.
We suspect either internal negligence or potential complicity from Time4VPS employees in the breach. Given the unresolved vulnerabilities, we believe customer data at Time4VPS remains at risk. This ongoing risk led us to discontinue their services and rebuild our security framework from scratch.
FixedFloat’s Resurgence
FixedFloat has been a trusted cryptocurrency exchange for nearly six years, driven by a dedicated team committed to excellence. Following the second hack, we suspended operations for two months to completely revamp our security infrastructure.
We have now resumed services, fulfilling all obligations to our clients and restoring most cryptocurrency exchanges. Our specialists are actively working to introduce new currencies and further enhance our offerings.
We are immensely grateful to our community for their patience and support during this challenging period. FixedFloat is back, stronger, and more secure, ready to provide the fast, reliable, and top-quality service our users expect.
About FixedFloat
FixedFloat was established in 2018 by a group of cryptocurrency enthusiasts and blockchain experts with extensive experience in entrepreneurship, web technology, and finance. By offering practical and scalable solutions that make the cryptocurrency economy accessible to users, FixedFloat simplifies the process of exchanging cryptocurrencies.
The platform allows users to choose between fixed or floating exchange rates that align with their investment strategies. FixedFloat prides itself on fast processing, robust design, and friendly, dedicated customer support, among other features, to provide a best-in-class exchange that meets the needs of the cryptocurrency community.
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