CrediX Finance team disappears after $4.5M hack

Stability DAO said it had identified two CrediX Finance team members and was working with other projects and authorities to recover the stolen funds.

The team behind the decentralized finance (DeFi) protocol CrediX Finance seems to have disappeared following a $4.5 million exploit that drained funds from the platform, raising suspicions of an exit scam.

On Monday, blockchain security firms flagged the exploit and determined that crypto assets worth $4.5 million had been taken from the platform. In response, the DeFi protocol paused its website to prevent users from depositing any more funds. 

Blockchain security firm SlowMist wrote that six days before the exploit, the attackers accessed the protocol’s multisig admin and bridge wallets. The access was used to mint crypto that was used as collateral to drain the DeFi protocol’s liquidity pools. 

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