Tether takes action against $280,000 USDT across seven wallets associated with the FixedFloat hack, as a cybersecurity analyst dissects the breach.

In the wake of a recent cyberattack on the Ethereum network, FixedFloat, a decentralized exchange, grappled with a staggering loss of nearly $3 million encompassing ETH, USDT, USDC, WETH, and DAI. This incident marks the exchange's second breach since February, the prior one resulting in losses exceeding $26 million.

The breaches, characterized by unauthorized access to the hot wallet, resulted in the illicit withdrawal of funds totaling $2.8 million and $26 million in various tokens, respectively. Notably, to circumvent potential freezing, the perpetrators swiftly exchanged blacklisted tokens like USDT and USDC, while DAI was directly channeled to eXch without undergoing conversion. Analysts specializing in cybersecurity discern a discernible pattern, suggesting a systematic exploitation of vulnerabilities within the system's access controls.

Despite the severity of the situation, the FixedFloat team has remained silent, offering no official statements regarding the attack. The exchange's website displays an error page, and no activity is discernible on its X account within the past three days.