Credix finance was offline after hackers used a multicing admin exploitation for an $ 4.5 million withdrawal from the protocol.
Summary
- Credits Finance Offline after $ 4.5m hack
- The attackers used a vulnerability in their administrator account
- The protocol was launched just one month ago
Safety is a significant concern for DEFI projects, especially centralized ownership and control. On Monday, August 4, after less than a month of its launch, the credix finance went offline after an $ 4.5 million.
For the Blockchain Security firm Slowmist, the attackers had access to the multicing admin of the protocol and the bridge wallet six days before the incident. With this access, he operated as a bridge and mint collateral tokens.
These tokens were used to borrow large amounts of crypto, which was quickly removing the liquidity pool of credix finance. Security firm Certificate confirmed that the protocol lost approximately $ 4.5 million. The attackers raised stolen funds from Sonic (S) to Ethereum (ETH).
How credix finance hacked
Credix Finance launched a real -world asset borrowing protocol in July 2025. It is borrowers to all borrowers to obtain an off-chain income and loans supported by the off-chain income and collateral provided by DEFI lenders.
The incident is one of the many recent Defee-related adventures. The Case for Certificate, $ 153 million was lost to all crypto exploits and scams in July. Of this, the exchange -related phenomenon is for $ 86.6 million, in which the code weaknesses caused a loss of $ 55.4 million.
Despite the “decentralized” label, many DEFI protocols maintain elements of centralization. The ability to prevent contracts, change protocol parameters or collide new tokens.
For some projects, this is important in the initial phase, as the protocol is devalting. However, it enables attackers to take advantage of these protocols if they are able to reach the administrator accounts.