Crypto Lending Protocol FilDA Hacked, Halts Operations
Cross-chain lending DeFi project FilDA Finance has stopped operations on the Elastos Smart Chain (ESC) and REI Network following an exploit..
The company confirmed that the hack had taken place in the early hours of Sunday morning (April 23). A statement said it resulted in a loss of approximately US$700,000.
It added that “the vulnerability has been identified and the attack vector isolated.” However, while the investigation is ongoing, it said the ESC and Rei FilDA platforms have been halted.
The DeFi project said it tracked the hacker’s activities, and initial investigations showed the attacker’s address interacted with multiple exchanges.
According to the official Telegram group, the attack affected all digital assets on Filda’s ESC chain, which included the Elastos token, Bitcoin and BUSD.
The project seems to be working well on other chains as an admin of the project advised a community member to bridge their FilDA tokens to Heco.
Meanwhile, FilDA postponed its launch on the BitTorrent Chain to an undisclosed date due to the 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 online.
This is not the first time FilDA’s ESC chain has been exploited. In April 2022, the project lost around $2 million to a flash loan attack. At that time, the project implemented a remediation plan for affected users.
It is unclear if FilDA will adopt a similar plan for this hack.
The FilDA token is unaffected
Despite the hack, FilDA’s token is up more than 2% in the past 24 hours to $0.00170406 at the time of writing, according to Coingecko data. The FILDA token had fallen by more than 7% in the last seven days and by over 13% in the last 30 days.
However, a mild market rally over the weekend has improved sentiment around the token. Over the past 24 hours, Bitcoin has risen above $27,000, while ETH is trading at $1,867.
DeFi leverages Rising
This event further highlights the risks of DeFi and adds to the growing number of losses from hacks 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, were leveraged for more than $20 million between them.
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