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The decentralised finance sector has once again been shaken by a major exploit—this time targeting CrediX.
The project reportedly lost $4.5 million following an attack enabled by a private key compromise and governance access flaws.
The attacker bridged funds across networks, exploited administrative access, and drained the CrediX Pool using minted collateral tokens.
The incident has added to mounting concerns over the security of multisig wallets, which have accounted for most of the $3.1 billion in crypto losses so far in 2025.
CrediX has since taken its website offline to prevent further deposits.
Blockchain security firm CertiK confirmed that the stolen funds were transferred from the Sonic network to Ethereum.
Web3 security platform Cyvers Alerts flagged multiple suspicious transactions on Sonic, tracing one address funded via Tornado Cash on Ethereum.
This address bridged funds to Sonic and borrowed approximately $2.64 million from CrediX.
These funds were likely extracted using collateral tokens that the attacker minted after gaining backdoor access.
According to SlowMist, an on-chain security provider, the attacker was granted Admin and Bridge roles within the CrediX Multisig Wallet six days prior to the exploit.
These roles were assigned using the protocol’s ACLManager.
With Bridge-level access, the attacker was able to mint collateral tokens through the CrediX Pool, which were then used to borrow assets and ultimately drain the protocol.
This type of exploit underlines a critical risk in decentralised governance models, particularly around role-based access control.
Inadequate oversight in assigning privileges, especially in multisig environments, leaves DeFi protocols highly exposed to internal or external compromise.
The CrediX incident is part of a broader trend this year.
A report by security firm Hacken states that $3.1 billion in crypto was lost in the first half of 2025, with the majority of cases involving multisig wallets.
These wallets were often breached through social engineering tactics, fake interfaces, or misconfigured signer setups.
The largest known attack this year remains the $1.46 billion Bybit exploit, where attackers deceived multisig signers using a spoofed interface.
In response to the growing frequency of such incidents, Hacken has recommended moving away from traditional one-time security audits.
Instead, the firm advocates for real-time, AI-based security systems that monitor multisig activity and flag abnormal behaviour instantly.
According to Hacken, more than 80% of crypto losses this year stemmed from access control failures.
The firm urges platforms to implement stricter signer training, enforce tighter rule-based automation, and treat interfaces and signers as integral to system security.
Meanwhile, CrediX has said it aims to recover the stolen funds within 24–48 hours, though no further details have been provided at this time.
O’Leary says the Fed could still increase rates to 6.25% or 6.5%, resulting in bank failures in regional institutions .
Popular Shark Tank investor Kevin O’Leary has sounded a note of warning about the Federal Reserve’s tightening cycle applied to fight inflation. According to O’Leary, the Fed’s continuous rate hikes could result in more US bank failures.
Speaking to CNBC’s Street Signs Asia, O’Leary said that the hikes could cause a breakdown in regional banks, suggesting the situation would become precarious because the banks support 60% of the US economy. Following the recent rate hike, O’Leary said:
“You keep squeezing the toothpaste tube, you keep rolling it up, you keep raising rates, and you know things are going to break, you just don’t know when and where.”
On Wednesday, the Federal Reserve increased interest rates by 25 basis points to keep up with the fight against inflation. The recent increase puts the current rate at a range of 5.25% – 5.50%. The range’s midpoint is the highest US interest rate since 2001.
In 2023 alone, the Federal Reserve has increased interest rates four times. Last year, the Federal Open Market Committee (FOMC) began increasing rates on March 17, the first increase in more than three years. By the end of 2022, the Fed had increased rates seven times.
Following Wednesday’s increase, Fed Chairman Jerome Powell hinted at another hike after the next FOMC meeting scheduled in September. Powell said a further hike might be necessary because the rate is too far from the intended 2%. However, he assured that the agency would be “making careful assessments” and may choose to leave rates unchanged at the next meeting depending on economic data.
O’Leary says he has told investors to wait 90 days as events unfold in the United States banking arena, as he predicts a possible crash. O’Leary also added that the Fed could continue hikes before stopping at 6.25% or 6.50%.
This prediction rhymes with previous forecasts about the rise of interest rates for the rest of the year. According to an exec at the world’s largest asset manager BlackRock, there’s a chance the Fed could take rates up to 6%. In a February note, the company’s chief investment officer of global fixed income Rick Rieder said the Fed would likely keep the rate there for “an extended period” until inflation falls near 2%.
Also in February, Coinspeaker reported that Wall Street traders were betting that the Fed would hike rates to 6% in September. One trader placed a bet worth about $18 million and could walk away with up to $135 if the prediction comes to pass. In the same month, BofA Global Research also made the same prediction. According to a note, the researchers said the Fed might struggle with inflation for much longer because of a tight labor market and consumer demand. The note suggests that aggregate demand must fall significantly before inflation drops to the Fed’s target.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Bitcoin (BTC) is on the verge of reaching the $30,000 milestone, but regional banks in the United States face significant anxiety and fear. Investors are concerned about the potential for contagion following the recent struggles of PacWest, a California-based lender.
The bank’s shares have plummeted by as much as 60% overnight, causing it to reassure investors and confirm that it is in talks with potential partners and investors about a deal, as reported by The Telegraph.
Despite insisting that it has not experienced any unusual deposit flows, regional bank stocks are down by more than 5% today, with not one of the 349 banks in the sector seeing gains.
The fears surrounding regional banks are undoubtedly fueled by the recent failure and sale of First Republic Bank to JPMorgan Chase. This high-profile event has highlighted the potential risks and challenges facing smaller banks, particularly in the current economic climate.
Despite the broader concerns in the financial sector, Bitcoin has climbed above the $29,000 level, up by 1.7% in the last 24 hours, potentially fueled by the ongoing concerns surrounding the US banks.
This suggests that there may be some investors who are turning to alternative assets as a potential hedge against the risks and uncertainties in traditional financial markets, which have shown no signs of relief for the short term.
Furthermore, according to CryptoCon, a Bitcoin market analyst, the accurate BTC bull market is here. This is based on the mid-line crossover of the 3 Week Keltner Channels, a technical indicator measuring volatility and trend in Bitcoin. When BTC crosses over the mid-line, currently priced at $26,500, it is a strong signal that a bull market has begun.
Additionally, CryptoCon notes that historically, Bitcoin has not returned under the mid-line after crossing, supporting the argument that a bull market is underway. According to the analyst, this has been true, as the crossover has consistently brought months of bull market activity.
Daan Crypto Trades, a cryptocurrency market analyst, has analyzed Bitcoin’s dominance and potential impact in the broader cryptocurrency market. According to the analyst, Bitcoin dominance, which measures the percentage of the total cryptocurrency market capitalization made up of Bitcoin, is currently trading at its range highs at the 48-49% area.
Daan suggests that if Bitcoin can push through this range and make new local highs, it could move toward 52% or higher. This likely leads to continuing the ongoing trend of Bitcoin dominance, which has increased in recent months.
However, the analyst notes that if Bitcoin remains range-bound between $27-30K, it could lead to a recovery in ALT/BTC pairs, seeing Bitcoin dominance come down. This would suggest that altcoins, or alternative cryptocurrencies to Bitcoin, could outperform Bitcoin in the short term.
When writing, the top cryptocurrency in the market is trading at $29,000. In the past 24 hours, there has been a total liquidation of $100 million in short positions. The question is whether Bitcoin will continue its upward trend or experience a healthy pullback to fill in the liquidity below its crucial resistance levels.
Featured image from iStock, chart from TradingView.com
Crypto News: In the wake of the U.S. Securities and Exchange Commission’s (SEC) recent consideration of proposed amendments for modifying the definition of an exchange, a new wave of fear and uncertainty clouded the crypto market. In a fresh move, the SEC charged Bittrex, its co-founder William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. In yet another news of crypto enforcement action by the regulatory agency, Bittrex, which announced closure of US business in March 2023, is said to have received a Wells notice from the SEC. The crypto community reacted with sharp criticism of the SEC action.
Also Read: Terra Luna Classic Supports Parameter Change Proposal, LUNC Price Dump Coming?
The SEC notice news came to light around a month after it was issued, as per a Sunday report on the Wall Street Journal. The report added that the announcement of closure of US operations by Bittrex came after it received the notice. This news also coincided with a correction in crypto prices to start the week as Bitcoin price took a fall below the $30,000 range.
The U.S. Securities and Exchange Commission (SEC) had over the recent past faced unfavorable judgements in several crypto lawsuits, in line with the popular investor sentiment that the SEC is yet to clarify on regulatory compliance. One such instance was seen in March 2023, when arguments in the Grayscale Bitcoin spot ETF lawsuit were heard in front of the District of Columbia Court of Appeals. The judges grilled the SEC’s representatives asking as to what really was stopping them from approving Grayscale application when futures contracts were approved. Similarly, the SEC faced tough time over its behavior in the Voyager case.
Attroney John Deaton, who represents the XRP token holders in the SEC Vs Ripple case, mentioned these instances where the SEC’s failures were exposed.
“In Ripple, the Judge said the SEC “lacks faithful allegiance to the law.” In LBRY, the Judge shamed the SEC over the lack of clarity. In Grayscale, the Court said the SEC’s arguments made no sense. In Voyager, the Judge blasted the SEC’s ethics and behavior.
The SEC will lose.”
Meanwhile, the Summary Judgement in the Ripple lawsuit, which has the potential to change the face of crypto market, is pending in the court.
Also Read: Grayscale Solana Trust Down By 75% Open Trades On OTC Markets
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto News: Tesla CEO Elon Musk shared his views on the ongoing crisis surrounding the bank failures. This comes amid heavy criticism on the manner in which banks are handled by regulators. The failure of Silicon Valley Bank and Signature Bank in the United States and the latest emergency merger deal involving Credit Suisse and UBS Group led to massive drop in value for bank stocks across markets. Meanwhile, the crypto market took an inverse correlation to the macro behavior dominated by the news of bank crisis.
Also Read: FDIC Delays SVB Bidding As Banking Crisis Continues, Bitcoin Price To $30K?
Meanwhile, the Federal Deposit Insurance Corp (FDIC) is refining the bidding process for acquisition of Silicon Valley Bank (SVB), which is now operating as a nationally chartered bank. The Credit Suisse UBS merger news brought shares of banks and bonds down on Monday, as the deal effectively made $17 billion worth of Credit Suisse bonds written down, bringing huge losses to investors in the risky bonds.
In his latest Twitter post, Musk placed failed crypto exchange FTX among the likes of Lehman Brothers, Credit Suisse and Silicon Valley Bank. This indicates his view on the catastrophic effect left by the Sam Bankman-Fried company collapse. The billionaire is not only famous for his links with memecoin Dogecoin (DOGE) in the crypto world, but is known for close ties with Binance CEO CZ. This was confirmed after it was disclosed that the crypto exchange acquired an equity in the Twitter platform.
— Elon Musk (@elonmusk) March 20, 2023
Also Read: FTX Sues Bahamian Liquidators Over Affiliate Company; Calls It “Fraudulent Enterprise”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.