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Credix Promises Full Refund After $4.5M Security Breach

Credix Promises Full Refund After $4.5M Security Breach

Source: theblock.co8/4/2025

Credix, a decentralized credit protocol, suffered a significant exploit on Monday, resulting in a loss of $4.5 million. A hacker gained control of one of its administrative wallets and exploited bridge permissions to mint unbacked tokens, draining liquidity pools, according to on-chain security firms. The security firm PeckShield traced the breach to the address '0xF321…662e,' which had extensive privileges within the Solana-based platform. The attacker utilized the BRIDGE role to create fake acUSDC (Sonic USDC), borrowed against it, and transferred assets from the Sonic network to Ethereum. The stolen funds were then distributed across new wallets. CertiK, another Web3 security firm, confirmed the exploit and identified three Ethereum addresses still holding the stolen assets, noting that none have interacted with exchanges as of yet. Following the security breach, Credix promptly posted on X, suspended its website to prevent further deposits, and instructed users to withdraw directly from contracts. In a subsequent update, the team assured users that "all users' funds will be recovered in full within 24–48 hours," although it did not clarify the source of recovery funds—whether from treasury reserves, new capital, or negotiations with the hacker. This incident is part of a troubling trend in DeFi; TRM Labs reported over $2.1 billion in crypto hacks during the first half of 2025, with DeFi exploits accounting for approximately 12% of those losses, totaling around $252 million. Credix operates as an on-chain credit marketplace, linking investors with fintechs and non-bank lenders, primarily focusing on emerging markets to provide tokenized debt financing. Based in Belgium, the team has successfully raised $73.7 million across four funding rounds.

FAQ

  • What was the total loss from the Credix exploit?

    The exploit resulted in a total loss of $4.5 million.

  • How will Credix recover users' funds?

    Credix claims that all users' funds will be fully recovered within 24–48 hours.