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Crypto Lending Protocol FilDA Halts Operations Following $700,000 Exploit

Press Releases Crypto News BeInCrypto Crypto Lending Protocol FilDA Halts Operations Following $700,000 Exploit

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

The project said that the hack had taken place in the early hours of Sunday morning (April 23).

Crypto Lending Protocol FilDA Hacked

In a public statement, FilDA said the exploit resulted in a loss of approximately 700,000 USD. It added that “the vulnerability has been identified and the attack vector isolated.”

While the investigation is ongoing, FilDA said the ESC and Rei FilDA platforms had been halted. The DeFi project added it was tracing the hacker’s activities, and its initial investigations showed that the attacker’s address interacted with multiple crypto exchanges.

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

FilDA assets other than those on the Elastos Smart Chain (ESC) and REI Network remain unnafected.

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 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 the time, the crypto startup instituted a remediation plan for affected users. It is unclear if the company will adopt a similar plan for the recent FilDA hack.

FilDA Price Unaffected So Far

Despite the FilDA hack, FilDA’s token has risen by more than 2% in the last 24 hours to $0.00170406 at the time of writing, according to Coingecko
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Author: Oluwapelumi Adejumo

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