FilDA Finance, a cross-chain lending DeFi project, has halted operations on the Elastos Smart Chain (ESC) and REI Network following an exploit and a suspected loss of approximately 700,000 USD. In order to determine the attack vector, FilDA has isolated the vulnerability and is conducting an investigation. Consequently, platforms of FilDA on ESC and REI are currently stopped.

The hacker's activities are being traced and investigations have revealed that the address of the attacker had interactions with multiple exchanges. Assets on FilDA's ESC Chain including Elastos, Bitcoin, and BUSD have been affected by the security incident. With the emergency, FilDA has pushed back its launch of BitTorrent Chain to an indefinite date.

According to FilDA's February report, total deposits and loans amount to over $21.3 million and the user number, currently, is around 145,574. In addition, this is LevDA's second breach on ESC chain, a Flash Loan attack of $2 million took place on April 2022. No official statement has been published on what kind of remediation will be applied to this incident.

Despite the attack, sentiments around the FILDA token are on the rise due to a mild market recovery in the weekend. At the time of this writing, FILDA token's rate has risen 2% in the last 24 hours on CoinGecko, at $0.00170406. Even though there was a 7% dip in the token's value in the last 7 days and 13% decline during the last 30 days, the security incident did not stop the rising trend.

This event underscores the risks of DeFi and adds up to the sum of losses from recent hacks. SushiSwap has been hacked for over $3 million previously in this month, while other projects such as Allbridge, Sentiment, and Yearn Finance have collectively suffered more than $20 million.



Other News from Today