DeFi Project CrediX Faces Allegations of $4.5 Million Rug Pull Following Hack

CrediX, a crypto-based private credit platform, has come under scrutiny after an alleged hack resulted in a $4.5 million loss. The incident, which occurred on August 4, saw funds siphoned from the platform, with around $400,000 funneled through Tornado Cash. Despite promises to reimburse users within 24-48 hours, CrediX's website and social media channels went dark, sparking suspicions of an exit scam.

CertiK Alert flagged the disappearance of the CrediX team, noting inactive social accounts and an offline website since August 4. While some speculate the team may have abandoned the project post-hack, others question whether the exploit was a cover for a deliberate rug pull. Non-custodial platforms continue to list CrediX pool tokens without warnings to users.

The DeFi sector's vulnerability to such exploits underscores the need for heightened due diligence. As regulatory scrutiny intensifies, projects failing to safeguard investor assets risk eroding trust in decentralized finance.