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Crypto Lending Protocol FilDA Hacked for $700K, Ceases Operations

Cross-chain lending DeFi project FilDA Finance has suspended operations in the Elastos Smart Chain (ESC) and REI network after an exploit occurred..

The company said the breach occurred in the early hours of Sunday morning (April 23). a statement He said it resulted in a loss of approximately $700,000 USD.

“The vulnerability has been identified and the attack vector has been isolated,” it added. While the investigation is still ongoing, he said the ESC and Rei FilDA platforms have been discontinued.

The DeFi project said it was tracking the hacker’s activities, and its initial investigation showed that the attacker’s address interacted with multiple exchanges.

As reported by the official Telegram groupThe attack affected all digital assets on Filda’s ESC chain, which included Elastos token, Bitcoin, and BUSD.

The project seems to be working fine on other chains as the project admin advised a community member to link his FilDA tokens to Heco.

Meanwhile, FilDA postponed its launch on the BitTorrent chain to an undisclosed date due to its hack.

According to February monthly a reportFilDA’s total deposits and loans are $21.3 million. The project also has 145,574 addresses currently on the network.

This is not the first time that FilDA’s series ESC Exploited. In April 2022, the project lost about $2 million in a boot attack. At that time, the project developed a treatment plan for affected users.

It is not clear if FilDA will adopt a similar plan for this hack.

FilDA code is not affected

Despite the hack, FilDA token is up more than 2% in the past 24 hours to $0.00170406 at the time of writing, according to Coingecko. data. The FILDA token has fallen by more than 7% in the previous seven days and by more than 13% in the last 30 days.

FilDA price performance (Source: Koenjiko)

However, a mild market recovery over the weekend has improved sentiment surrounding the token. Over the past 24 hours, Bitcoin has surged above $27,000, while Ethereum is trading at $1,867.

DeFi exploits are on the rise

This incident highlights the dangers of DeFi and adds to the growing number of losses due to hacks in 2023.

Earlier this month, SushiSwap was struck by more than $3 million in a single attack. Meanwhile, several DeFi protocols, including Allbridge, Sentiment, and Yearn Finance, have been exploited for more than $20 million between them.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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