CrediX Finance Team Vanishes After $4.5M DeFi Exploit and Exit Scam Concerns

The team behind CrediX Finance, a decentralized finance (DeFi) protocol, appears to have vanished after a $4.5 million exploit drained the platform’s funds, sparking concerns of an exit scam [1]. The breach was identified by blockchain security firms, who confirmed that approximately $4.5 million in crypto assets had been stolen from the platform. In response, CrediX Finance temporarily halted its website to prevent further deposits [1].

According to analysis by SlowMist, the attackers had accessed the protocol’s multisig admin and bridge wallets six days prior to the exploit. This access allowed them to mint unauthorized tokens, which were then used as collateral to drain the liquidity pools of the DeFi platform [1].

On Friday, the platform’s official X account went offline, and its website has remained inactive since August 4, the day the exploit was first detected. The company’s Telegram account has also disappeared, with no further updates or communication from the team [1].

In what appears to have been a last-draft statement, CrediX Finance previously announced on X that it had reached an agreement with the attacker, offering a portion of its treasury funds in exchange for the return of the stolen assets within 24–48 hours. The protocol also pledged to reimburse users through an airdrop [1]. However, these assurances have not materialized. Since the post, all official communication channels have gone silent, and the team is presumed to have disappeared [1].

Stability DAO, a decentralized autonomous organization (DAO), has taken steps to address the incident. It announced it is preparing a formal legal report in collaboration with affected teams such as Sonic Labs, Euler, Beets, and Trevee (formerly Rings Protocol). Stability DAO stated that it is gathering evidence and working with relevant authorities and cybercrime units to trace the stolen funds and recover them [1]. The DAO also revealed that it has obtained KYC information for two CrediX Finance team members, which will be included in the legal report [1].

Trevee, formerly known as Rings Protocol, disclosed that the hack had an indirect impact on its operations through a $1.6 million scUSD loan issued to Stability’s metaUSD. This exposure became fully linked to CrediX following a liquidity crisis. In response, Trevee has reduced its exposure to over $700,000 and paused the minting of its stkscUSD asset, while adjusting its backing price [1].

The incident adds to a growing list of DeFi exploits, with off-chain attack vectors responsible for 57% of total losses in the top 100 DeFi hacks [1]. It highlights the vulnerability of DeFi protocols and underscores the need for stronger security measures and clearer accountability for project teams.

Source: [1] CrediX Finance team disappears after $4.5M hack (https://cointelegraph.com/news/credix-finance-team-disappears-after-4-5m-hack?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound)