Crypto News

Cross-Chain DeFi Project FilDA Finance Halts Operations After Losing $700K to Hackers

FilDA Lending Platform Suspends Activities After Security Breach Resulting in Loss of $700,000

Cross-chain lending DeFi project FilDA Finance recently suffered a major setback when it halted its operations on the Elastos Smart Chain (ESC) and REI Network due to an exploit that resulted in a loss of approximately $700,000.

The hack occurred on April 23, and the company has stated that it is still investigating the incident.

In a public statement, FilDA announced that it has identified the vulnerability and isolated the attack vector. However, the ESC and Rei FilDA platforms have been temporarily suspended.

FilDA is tracing the activities of the hacker, and initial investigations show that the attacker’s address interacted with multiple crypto exchanges.

The attack affected all digital assets on FilDA’s ESC Chain, including the Elastos token, Bitcoin, and BUSD. The project is working fine on other chains, as an admin for the project advised a community member to bridge his FilDA tokens to Heco. FilDA has postponed its launch on BitTorrent Chain to an undisclosed date due to the hack.

FilDA has total deposits and loans of $21.3 million, according to its February monthly report. The project has 145,574 current addresses on the network. It is unclear if the company will adopt a remediation plan for affected users as it did after the April 2022 flash loan attack, which resulted in the loss of approximately $2 million.

Despite the recent hack, FilDA’s token has experienced a minor increase of more than 2% in the last 24 hours to $0.00170406, according to CoinMarketCap data.

However, the token had dropped by more than 7% in the previous seven days and by over 13% in the last 30 days. A slight market recovery at the weekend has improved sentiments surrounding the token. At the time of writing, Bitcoin has risen above $27,000, while ETH trades at $1,867.