CrediX users suspect a rug pull after suffering a $4.5 million hack last week. Despite promising to reimburse users quickly, the firm instead shuttered its website and social media profiles.

Around $400,000 of stolen money moved onto Tornado Cash, but CrediX may not have been directly complicit. Either way, several non-custodian platforms still offer their pool tokens without warning their customers.

Another DeFi Exit Scam

In today’s world of rampant fraud and record-breaking crypto hacks, there are plenty of reasons to exercise caution. However, purported security incidents are not always what they seem.

CrediX, a crypto-based private credit platform, was allegedly hacked recently, but the community is beginning to suspect a rug pull.

Specifically, an exploit occurred on August 4, apparently allowing hackers to steal $4.5 million from CrediX. The firm promised to return customer funds within 24-48 hours, but this never happened.

Instead, CrediX’s website and social media profiles went dark, fueling speculation about an exit scam.

Where is the Money Now?

A charitable reading could suggest that CrediX is merely trying to wash its hands of a catastrophe without being complicit in an actual rug pull.

Such an act would be a complete dereliction of its responsibility to protect consumers, but it doesn’t require active participation in fraud. However, CrediX’s total silence is making criminal accusations seem more likely.

Whoever the exploiter is, they’ve shown far more activity than CrediX since the August 4 incident. Blockchain data reveals the hacker moved close to $400,000 of stolen funds using Tornado Cash. Most of the stolen money is still in private wallets, which are under close scrutiny.

Bizarrely, some non-custodian platforms continue offering CrediX tokens despite the hack and apparent rug pull. Trevee published a warning about the hack to its users, but Silo Labs and Stability DAO are acting like everything is normal.

Traders should exercise extreme caution or avoid this altogether, or they could lose money.

There isn’t a clear smoking gun that CrediX deliberately rug pulled its customers, but there are credible suspicions. Considering the firm’s deliberate lie about user reimbursement, these rumors might continue growing.

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