The CrediX Finance platform, operating in the decentralized finance space, has come under scrutiny following a hack that drained $4.5 million from its funds. The project team has disappeared, raising suspicions of possible fraud.
Discovery of the Hack
On Monday, blockchain security analysts reported a hack in which $4.5 million worth of crypto assets were drained from the platform. In response, CrediX Finance paused its website to prevent further deposits from users.
Failed Promises of Recovery
In a now-inaccessible post, the CrediX Finance team claimed to have convinced the hacker to return the funds within two days in exchange for money from the protocol’s treasury. "We successfully negotiated with the hacker who agreed to return the funds within the next 24-48 hours in exchange for money fully paid by the CrediX treasury," the company stated. However, since then, the project team has gone silent, deleting all their official accounts.
Legal Actions from Stability DAO
The decentralized autonomous organization Stability DAO announced that it is preparing a formal legal report and has contacted affected teams, including Sonic Labs and Euler. "Our teams are collaborating to gather evidence, trace the funds, and coordinate with relevant legal authorities," stated the Stability DAO team. They also mentioned that a full incident report will be shared with the community, detailing what occurred and what actions are being taken.
The situation with CrediX Finance raises important questions about the security and reliability of decentralized finance protocols. While Stability DAO and other teams are working to recover the stolen funds and investigate the incident, the need for effective protective measures is becoming increasingly evident.
