Decentralized finance (DeFi) platform CrediX is under suspicion of an exit scam following an attack on August 4 that caused approximately $4.5 million in losses.
The project's website is down and its social media accounts have been inactive for days.
According to blockchain security firm CertiK, the attacker gained access to the admin wallet, minted unsecured tokens, and drained the pools of assets. Some of the stolen funds were bridged from the Sonic network to Ethereum and moved to several addresses.
Immediately following the attack, the CrediX team shut down the frontend and warned users not to make any new investments. While the company announced that users would be compensated for their losses within 24–48 hours, the site remains down and no recovery plan has been released.
In the cryptocurrency world, an exit scam is known as a scam where project owners suddenly stop operations and disappear with investor funds.
A major hacking incident from 2020 was recently revealed for the first time. DeFi platforms, in particular, in their current form, also bring with them the risk of smart contracts.
