CrediX Finance Loses $4.5M in Exploit—Governance Flaws Strike Again

Another day, another DeFi hack—this time CrediX Finance gets drained for $4.5 million. Governance vulnerabilities? Check. Irony? Thick enough to cut with a knife.

How it happened: Attackers bypassed protocol safeguards by exploiting a loophole in the voting mechanism. The result? A smooth $4.5M exit, no alarms triggered.

Why it matters: Governance tokens promise decentralization but keep delivering chaos. Maybe ‘code is law’ needs a footnote: ‘Unless someone finds a bug.’

The aftermath: CrediX joins the ever-growing hall of shame—right next to projects that treated security audits like optional accessories.

Final thought: If DeFi were a bank, regulators would’ve padlocked the doors by now. But hey—at least the thieves are transparent.

How the CrediX Finance hack happened

CrediX Finance launched in July 2025 as a real-world asset lending protocol. It allowed borrowers to receive loans backed by off-chain income and collateral provided by DeFi lenders.

This incident is one of several recent DeFi-related exploits. According to CertiK, $153 million was lost to various crypto exploits and scams in July alone. Of this, exchange-related incidents accounted for $86.6 million, while code vulnerabilities caused $55.4 million in losses.

#CertiKStatsAlert 🚨

Combining all the incidents in July we’ve confirmed ~$153M lost to exploits and scams.

~$86.6M is attributed to incidents involving exchanges.

Incidents related to code vulnerabilities represent ~$55.4M losses.

More details below 👇 pic.twitter.com/1EsEFmZa1f

Despite the “decentralized” label, many DeFi protocols retain elements of centralization. Multisig admin wallets often have the ability to pause contracts, change protocol parameters, or mint new tokens.

For some projects, this is important in the early stage, as the protocol is developing. However, this also enables attackers to exploit these protocols if they are able to gain access to admin accounts.