Credix DeFi Protocol Loses $4.5M in Admin Exploit—Here’s What Went Wrong

Another day, another DeFi hack—except this time, the attacker didn’t bother with smart contract exploits. Credix just got drained for $4.5 million through the oldest trick in the book: compromised admin credentials.

How It Went Down

Somebody got hold of the keys to the kingdom. With admin access, the attacker bypassed security measures like they weren’t even there—because, well, they weren’t. Funds vanished faster than a trader’s confidence during a flash crash.

DeFi’s Persistent Weak Spot

Centralized failure points in decentralized finance? Classic. The irony wasn’t lost on crypto Twitter, where one observer quipped, 'Turns out 'trustless' systems still need someone to guard the backdoor.'

What Now?

Credix hasn’t detailed recovery plans yet, but the protocol’s token took the expected nosedive. Meanwhile, the hacker’s wallet sits fat with digital loot—another reminder that in crypto, the house doesn’t always win. Sometimes it leaves the vault wide open.