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]
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