CrediX Finance, a lending protocol, went offline after a $4.5 million hack that occurred less than a month after its launch.
Description of the Hack
On August 4, 2025, CrediX Finance ceased operations after attackers exploited a vulnerability in the protocol's admin account. Security experts from CertiK confirmed the loss of approximately $4.5 million in this incident.
How the Hack Occurred
The attackers gained access to the protocol's multisig admin and bridge wallets six days prior to the incident. With this access, they minted collateral tokens and borrowed large amounts of cryptocurrency, quickly draining CrediX Finance's liquidity.
Security Issues in DeFi
Many DeFi protocols, despite their 'decentralized' label, retain elements of centralized control. This creates security risks as attackers can exploit vulnerabilities in admin accounts. According to CertiK, approximately $153 million was lost to various hacks and scams in July 2025.
The incident at CrediX Finance highlights the importance of security in decentralized finance, particularly for projects with centralized management. Security remains a key concern for the future of DeFi.
