Leading cryptocurrency exchange service, FixedFloat, is excited to announce that it is fully operational once again after experiencing a series of security breaches earlier this year. These breaches resulted in the theft of $26.1 million, prompting the company to take significant steps to enhance its security infrastructure and ensure the safety of its users’ assets.
In February, FixedFloat experienced 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.
Upon thorough analysis, it was discovered that the attacker had taken advantage of vulnerabilities in the services provided by Time4VPS, a third-party hosting provider used by FixedFloat.
Time4VPS: A Compromised Partnership
For several years, FixedFloat relied on Time4VPS for hosting services due to its affordability and convenience. Although most of the infrastructure had been migrated to proprietary servers, some low-power nodes and subsystems were still hosted with Time4VPS.
Time4VPS, which serves over 100,000 customers across Europe, claims to be a secure and customer-focused provider. However, this claim proved to be misleading.
Security Breach Details
In February, the attacker identified the IP address of one of FixedFloat’s technical servers hosted by Time4VPS. On March 31, unauthorized access was detected across all Time4VPS servers, even though only one IP was known to the attacker. Despite immediate actions to change passwords, the hacker was able to override these changes and maintain access.
The virtualization technology used by Time4VPS limited FixedFloat’s ability to activate critical security protocols after the breach, making the situation worse. Despite changing server passwords to delay further attacks, the hacker used global access permissions to bypass defenses.
Upon discovering the intrusion on March 31, FixedFloat promptly notified Time4VPS. However, their response was inadequate, with technical support being unavailable due to the holiday. Despite the clear breach, their only advice was to change passwords. It wasn’t until FixedFloat insisted on action that Time4VPS acknowledged the hack and promised a report, which still hasn’t been delivered three months later.
FixedFloat suspects either internal negligence or potential complicity from Time4VPS employees in the breach. Due to the unresolved vulnerabilities, customer data at Time4VPS is believed to still be at risk. As a result, FixedFloat has ceased using their services and rebuilt its security framework from scratch.
FixedFloat’s Comeback
FixedFloat has been a trusted cryptocurrency exchange for almost six years, driven by a dedicated team committed to excellence. Following the second hack, the company suspended operations for two months to overhaul its security infrastructure.
Now, FixedFloat has resumed services, fulfilling all obligations to its clients and restoring most cryptocurrency exchanges. Its specialists are actively working to introduce new currencies and further enhance offerings.
The company is grateful to its community for their patience and support during this challenging period. FixedFloat is back, stronger and more secure than ever, ready to provide the fast, reliable, and top-quality service its users expect.
About FixedFloat
FixedFloat was founded 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 simplify the process of exchanging cryptocurrencies, FixedFloat enables users to choose between fixed or floating exchange rates that suit their investment strategies. The platform boasts fast processing, robust design, and friendly, dedicated customer support to meet the needs of the cryptocurrency community.
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