CrediX, a crypto-based private credit platform, is facing mounting accusations of an exit scam after a reported $4.5 million hack on August 4.
Author: Sahil Thakur
CrediX, a crypto-based private credit platform, is facing mounting accusations of an exit scam after a reported $4.5 million hack on August 4. While the platform initially pledged to reimburse customers within 24–48 hours, its website and social media channels have since gone offline, leaving users without updates or access to their funds.
According to blockchain security firm CertiK, the incident began when an attacker gained control of an admin wallet and exploited bridge permissions to mint unbacked tokens. These tokens were then swapped for other assets, withdrawn from liquidity pools, and bridged from Sonic to Ethereum before being distributed across a small number of addresses.
Blockchain data shows roughly $400,000 of the stolen funds has already been moved through Tornado Cash, with the remainder sitting in private wallets under watch.
After promising rapid reimbursement, CrediX provided no further communication or detailed recovery plan. Its X account has been inactive since the incident, and its website has remained offline. This lack of transparency has amplified suspicions of a which very well might be possible.
While it’s possible the platform is attempting to quietly exit the situation without direct fraud, the complete absence of updates is fueling investor anger and mistrust.
The situation is further complicated by other platforms still offering CrediX pool tokens without clear warnings. Trevee has alerted its users about the incident, but others, including Silo Labs and Stability DAO, continue operations as if nothing has happened.
The CrediX case underscores ongoing security and trust issues in the DeFi sector, where large-scale losses and vanishing projects remain all too common. Without a clear resolution, this incident is likely to serve as yet another cautionary tale for investors and developers alike.
| Case | Date (2025) | What happened | Estimated impact | Source(s) |
|---|---|---|---|---|
| $LIBRA meme coin (Argentina “Cryptogate”) | Feb 14, 2025 | Token pumped after high-profile promotion; creators allegedly sold large holdings, triggering a crash. | Market cap spiked (~$4.6B) then plunged; founders allegedly netted ~$87M from ~74k investors. | FT coverage |
| $MELANIA meme coin | 2025 (Q2) | Launch followed by rapid sell-off; liquidity drained, raising rug-pull suspicions. | ~$2M extracted; ~$1M routed to exchanges (reported). | Background context |
| Hijacked X account -> fake memecoin (WIRED journalist) | 2025 | Attacker hijacked journalist’s X account to promote a memecoin via a launchpad; quick pump-and-dump. | Scammers profited an estimated $8k–$10k in <20 minutes. | WIRED report |
| Influencer-led schemes (various) | 2025 | Multiple influencers promoted memecoins that later tanked; typical pattern of rapid hype then exit. | Losses vary; widespread retail impact, especially teens/young adults. | NY Post • TOI (FaZe) |
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