A hacker compromised the decentralized finance (DeFi) protocol Credix, stealing $4.5 million in cryptocurrency, as reported by blockchain security firm CertiK. The attacker gained access to an administrative account, allowing them to mint unbacked stablecoins and withdraw collateral assets posted by users. The stolen funds were subsequently bridged from Sonic, a layer-1 network, to Ethereum. Credix confirmed the security breach and took its website offline, promising full recovery of the funds within two days. As of the latest update, the funds remain in the attacker's possession. This incident highlights the risks associated with DeFi protocols, particularly relating to extraordinary claims of high yields, as previously cautioned by former SEC Chair Gary Gensler. The affected platform had plans for an airdrop of its upcoming CREDIT token, but the timeline remains uncertain following the breach.

Source 🔗