Seedify’s SFUND implodes 99%, DPRK hackers exploit bridge flaw
Seedify’s SFUND token was virtually erased in minutes, collapsing from $0.43 to near zero. The plunge follows a confirmed exploit on a cross-chain bridge, sparking an investigation and a direct plea to Binance’s Changpeng Zhao for help.
- Seedify’s SFUND token collapsed nearly 100% after a cross-chain bridge exploit allowed attackers to mint and dump massive amounts of tokens.
- The plummet affected 64,000 holders and $1.2 million in assets.
- The team has since halted trading, blacklisted malicious addresses, and temporarily disabled all bridges, while appealing for outside help to track the perpetrators and recover stolen funds.
On Sept. 23, Seedify’s SFUND token suffered one of the sharpest collapses seen in recent memory, plunging 99.99% from $0.43 to nearly worthless within minutes before stabilizing above $0.21 at the time of writing, according to CoinMarketCap data.
The crash followed confirmation from founder Levent Cem Aydan that the project’s cross-chain bridge had been compromised, allowing attackers to mint and dump vast amounts of SFUND across multiple blockchains.
In a public plea posted to X, Aydan appealed directly to Binance founder Changpeng Zhao for help, citing more than $1.2 million in stolen assets tied to 64,000 affected holders on BNB Chain.
Seedify’s response and what the exploit revealed
Roughly three hours after Aydan’s first acknowledgment of the breach, Seedify’s official X account issued a detailed statement. The team attributed the exploit to a DPRK state-affiliated group, saying the attackers gained control of a developer’s private keys.
According to the announcement, the breach occurred at approximately 12:05 UTC when hackers used the keys to unlock the bridge contract on Avalanche, allowing them to modify settings and mint unauthorized SFUND tokens. The team emphasized that the contract had previously passed an audit from a trusted firm, underscoring the unsettling nature of the vulnerability.
In a rapid containment effort, the Seedify team stated it coordinated with centralized exchanges to halt trading, blacklisted the attacker’s addresses across multiple chains, and revoked the compromised permissions. The update assured users that “there is no ongoing risk to liquidity on BNBChain anymore,” and that all cross-chain bridges have been temporarily disabled.
Notably, the post concluded with a commitment to persevere.
“Since 2021, Seedify has been a home for builders and everyone dedicated to creating value in the Web3 ecosystem, through both bull and bear,” the team said. “This unfortunate event won’t stop us, it only ignited our team to build better and bigger from here.”
The severity of the exploit pushed Aydan to go beyond formal updates. In a post on X, he offered blockchain sleuth ZachXBT a bounty if he could track down the attackers and help recover stolen funds.
