The crew behind the DeFi protocol CrediX is suspected of an exit rip-off following a current $4.5 million safety breach. The crew has reportedly “vanished” from the venture’s official channels regardless of promising refunds, leaving clients empty-handed.
Related Reading
DeFi Protocol Suffers $4.5 Million Exploit
On Friday, safety agency CertiK reported that the DeFi lender CrediX’s crew had disappeared following the platform’s current exploit, leaving its web site offline because the August 4 incident and immediately deleting the official X account.
For context, the Sonic-based DeFi lender suffered a safety breach on Monday after a possible pockets compromise led to the theft of $4.5 million from the protocol’s liquidity pool.
Blockchain safety agency PeckShield defined that the alleged hack was as a consequence of a compromised admin account, which allowed the exploiter to abuse its BRIDGE function to mint unbacked acUSDC (Sonic USDC) tokens, borrow towards them, and drain the pool, earlier than bridging the belongings from Sonic Network to Ethereum.
Notably, SlowMist discovered that the CrediX multisig pockets added an attacker as an admin and bridge function through ACLManager six days earlier than, which raised considerations amongst buyers.
The DeFi lender’s crew acknowledged the incident on X, stating that that they had disabled the web site to stop customers from depositing. Later, the crew knowledgeable its group that it had allegedly “reached profitable parley with the exploiter, who agreed to return the funds throughout the subsequent 24-48 hours.”
According to the now-deleted put up, posted on CrediX’s official Telegram account by a consumer, the attacker agreed to return the funds “in return for cash absolutely paid by the credix treasury.”
The crew affirmed that they’d airdrop the funds to the affected customers’ addresses in “the respective timeframe.”
CrediX Goes Dark
The following day, the crew addressed the exploit on Telegram, stating, “We are actually sorry for this devastating incident and the influence it might have on our group,” and affirmed that they’d hold customers up to date on the subsequent steps earlier than disappearing and deactivating the official X account.
On Thursday, the Sonic-based Stability DAO confirmed on its Discord server that CrediX had “gone darkish and disappeared,” instantly affecting the protocol’s customers. The exploit affected Stability DAO’s Metavaults because the venture had not too long ago built-in with CrediX.
In the message, the protocol introduced that every one the affected groups, together with Sonic Labs, Euler, Beets, and Rines Protocol (Trevee), have been in communication and actively engaged on “submitting a proper authorized report with the authorities in hopes of recovering misplaced funds.”
Additionally, they’ve obtained info on two of the DeFi lender’s members, which might be added to the report alongside the remainder of the proof.
“A full incident report can be shared with the group quickly, outlining every little thing that occurred and what steps are being taken,” the message vowed.
Related Reading
This incident follows the alarming pattern that has been growing this yr. As reported by NewsBTC, crypto theft has surged this yr, reaching a complete lack of $2.7 billion within the first half of 2025.
By the tip of June, extra worth had been stolen year-to-date (YTD) than throughout the identical interval in 2022, suggesting that theft from crypto companies and DeFi tasks may probably hit $4.3 billion by yr’s finish.
Featured Image from Unsplash.com, Chart from TradingView.com
