Stability DAO Readies for Legal Document Following Disappearance of CrediX Team
The cryptocurrency world is abuzz with speculation and concerns following the sudden disappearance of the CrediX team after a reported $4.5 million crypto exploit[1][2]. The team, who had previously announced a private settlement with the exploiter, has since vanished from their official channels and deleted their online presence[3][4][5].
The stolen funds are still spread across several wallets[2]. CrediX had promised to recover the funds and refund them to users via an airdrop within 48 hours after recovery[1][3]. However, the protocol went silent soon after, with no further official updates, and its website and Telegram channels vanished[3][4][5].
Stability DAO, a blockchain project that integrated with CrediX a week ago, is now at the forefront of efforts to recover the stolen funds. They are gathering evidence, tracing funds on-chain, and working alongside several firms, including Sonic Labs[6][7]. Stability DAO has also confirmed that it had received confirmation from the CrediX team that the stolen funds were recoverable[8].
However, the actual distribution status and full recovery remain unclear. The latest verifiable update is the $4.5 million recovery agreement, but the actual distribution remains uncertain amid suspicions of an exit scam[1][2][3][4][5].
Blockchain security firm CertiK has announced that CrediX's protocol is currently inactive[9]. A member of the Stability DAO team, GodInMaking, noted that know-your-customer information had been obtained for two CrediX team members and will go in the report[10].
The episode has left some crypto users wary of DeFi protocols promising astronomical yields[11]. The CrediX team is investigating the exploit and has promised to keep its users updated on the next steps[12]. The pseudonymous crypto analyst Crypto Blub stated that Metavaults, which offer up to 287% in annual yield, are always risky[13].
Stability DAO is also working on filing a formal legal report to authorities in hopes of recovering lost funds[14]. The CrediX website has been offline for four straight days[15]. A security alert was issued to the 1,600 members in the CrediX's official Telegram channel on Wednesday[16].
As the investigation continues, the crypto community awaits further updates from the CrediX team and Stability DAO regarding the stolen funds and the status of the recovery efforts.
[1] [Link to source 1] [2] [Link to source 2] [3] [Link to source 3] [4] [Link to source 4] [5] [Link to source 5] [6] [Link to source 6] [7] [Link to source 7] [8] [Link to source 8] [9] [Link to source 9] [10] [Link to source 10] [11] [Link to source 11] [12] [Link to source 12] [13] [Link to source 13] [14] [Link to source 14] [15] [Link to source 15] [16] [Link to source 16]
- The stolen Ethereum and other crypto funds are dispersed across various wallets, leaving the CrediX team with the challenge to recover and refund them to users.
- Stability DAO, a blockchain project, is leading the recovery mission, collecting evidence, tracing funds on the blockchain, and collaborating with firms like Sonic Labs to locate the stolen funds.
- CrediX had assured users that the stolen funds would be recovered and returned via an airdrop within 48 hours post-recovery, but the protocol has gone silent since then, sparking suspicions of an exit scam.
- The protocol's inactivity, as reported by blockchain security firm CertiK, further complicates the recovery process and fuels speculation.
- Stability DAO is working on filing a formal legal report to the authorities in an attempt to recuperate the lost funds.
- The disappearance of the CrediX team has left some crypto users skeptical of DeFi protocols offering high yields, with the cryptocurrency analyst Crypto Blub warning about the risks involved with Metavaults.
- The incident has led to a security alert for the 1,600 members in the CrediX's official Telegram channel, emphasizing the need for the CrediX team to provide updates on the stolen funds and the status of the recovery efforts, as the crypto community closely follows the situation.
