In brief
- CrediX’s team “has disappeared” following a $4.5 million exploit.
- A CrediX security report was addressed to users with “Fam.”
- Stability DAO, which was affected, is prepping a legal report.
CrediX’s team has grown increasingly quiet since hackers swiped $4.5 million worth of crypto from the decentralized finance protocol on Monday.
On Friday, blockchain security firm CertiK said on X that CrediX team “has disappeared,” noting that the protocol’s X is now inactive, and its website has been offline for four straight days.
An attacker bridged $4.5 million worth of crypto to Ethereum on Monday after the Sonic-based protocol was hacked, with the funds still spread across several wallets. At the time, SonicX promised “all funds will be recovered in full” within two days.
The latest message from the CrediX team appears to be sent on Telegram, where a security alert was issued to the 1,600 members in the protocol’s official channel on Wednesday.
“Fam, we deeply regret to inform you that our protocol has been stolen,” the message said. “We are investigating the exploit and will keep you updated on next steps.”
That same day, Stability DAO, another Sonic-powered DeFi protocol, said on X that it had received confirmation from the CrediX team that the stolen funds were recoverable. Stability DAO’s so-called Metavaults, which offer up to 287% in annual yield, were affected, it added.
Stability DAO integrated with CrediX a week ago, hailing it as an additional yield opportunity for the platform, which has $28 million in total assets, according to crypto data provider DefiLlama.
On Thursday, a member of the Stability DAO team informed users within its official Discord server that CrediX has indeed “gone dark and disappeared,” and Stability Dao is working on “filing a formal legal report to authorities in hopes of recovering lost funds.”
The individual, who goes by GodInMaking, noted that know-your-customer information had been obtained for two team members that will go in the report, as Stability DAO works to gather other evidence, and trace funds on-chain, alongside several other firms. That includes Sonic Labs, which created the layer-1 blockchain Sonic.
On X, some onlookers described the episode as an example of why crypto users should be suspicious of some DeFi protocols touting astronomical yields.
“Sad story for people who trusted the high APR,” the pseudonymous crypto analyst Crypto Blub said on X on Thursday. “Metavaults are always risky.”
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