FilDA crypto lending protocol hacked and halts operations

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Cross-Chain Lending DeFi Project FilDA Finance has halted operations on the Elastos Smart Chain (ESC) and REI Network following an exploit.

The company said the hack took place in the early hours of Sunday morning (April 23). A statement said this resulted in a loss of approximately $700,000.

He added that “the vulnerability has been identified and the attack vector isolated.” While the investigation is ongoing, however, he said ESC and Rei FilDA rigs have been shut down.

The DeFi Project said it was tracking the hacker’s activities and its initial investigations showed the attacker’s address was interacting with multiple exchanges.

According to its official Telegram group, the attack affected all digital assets in Filda’s ESC chain, which included the Elastos token, Bitcoin, and BUSD.

It seems the project is working well on other chains as a project admin advised a community member to link his FilDA tokens to Heco.

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

According to its February monthly report, FilDA has total deposits and loans of $21.3 million. The project also has 145,574 current addresses on the network.

This isn’t the first time FilDA’s ESC chain has been exploited. In April 2022, the project lost around $2 million due to a flash loan attack. At the time, the project put in place a remediation plan for affected users.

It is unclear whether FilDA will adopt a similar plan for this hack.

FilDA token not assigned

Despite the hack, FilDA’s token is up over 2% in the past 24 hours to $0.00170406 at the time of writing, according to data from Coingecko. The FILDA token had plunged over 7% in the previous seven days and over 13% in the past 30 days.

FilDA price performance (Source: Coingecko)

However, a slight rally in the market over the weekend has improved sentiments surrounding the token. In the past 24 hours, Bitcoin has risen above $27,000, while ETH is trading at $1,867.

DeFi exploits on the rise

This incident further highlights the risks of DeFi and adds to the growing number of losses due to hacking in 2023.

Earlier this month, SushiSwap was hit for over $3 million in a single attack. Meanwhile, several DeFi protocols, including Allbridge, Sentiment, and Yearn Finance, have been mined for over $20 million between them.

Disclaimer

In accordance with the guidelines of the Trust Project, BeInCrypto is committed to providing impartial and transparent reports. This news article aims to provide accurate and timely information. However, readers are urged to independently fact-check and seek professional advice before making any decisions based on this content.

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