Seedify Hack: A Deep Dive into the $1.2 Million Exploit

Seedify, a popular Web3 incubator and launchpad, has been hit by a significant security breach. In the latest Seedify hack update, Binance founder Changpeng Zhao, affectionately known as CZ, has confirmed that $200,000 worth of SFUND tokens has been frozen at HTX.

CZ Responds to Seedify Hack

Following the Seedify hack, Binance founder CZ confirmed that $200,000 has been frozen at HTX. The exploit targeted Meta Alchemist's bridge and OFT contract, allowing attackers to mint and transfer tokens across multiple blockchain networks.

Yesterday, Meta Alchemist shared an X post, addressing CZ and revealing the bridge contract hack. The majority of the stolen assets were sold on BNB Chain, home to the largest SFUND community. According to Meta Alchemist, the attackers currently hold more than $1.2 million on BNB Chain, affecting approximately 64,000 users. The platform founder wrote, “

“Hi CZ, a few hours ago our bridge/oft contract got hacked, and hackers transferred minted tokens onto many chains, including BNB, where they sold most of the SFUND tokens…A lot of people in BNBchain got affected by this (64k people), as this is where our biggest holder abase is.”

In response to the Seedify hack update, Zhao revealed that he had consulted with industry security experts after the breach. He confirmed that HTX had frozen $200,000 linked to the exploit, but noted that most of the stolen assets remain on the blockchain. Positing that the hack seems to have been orchestrated by the North Korean DPRK, CZ added,

Talked to a few security guys in the industry. I believe they were able to help track it and froze $200k at HTX; the rest seem to remain on-chain. Looks like North Korea DPRK. Major CEXs probably have these addresses on blacklists now. Good luck!

Seedify Hack Details

The recent $1.2 million attack exploited Seedify's $SFUND bridge, affecting over 64,000 users on BNB Chain and highlighting the ongoing security risks in the DeFi sector. Following the incident, the platform offered a substantial bounty to crypto sleuth ZachXBT to help recover stolen funds and investigate deeper into the attack.

On investigation, the sleuth identified on-chain evidence that suggests a connection between the theft wallets and North Korean hackers. The investigator pointed to the Contagious Interview, a notorious North Korean hacking group, rather than the often-linked Lazarus Group .

Initial reports suggested that hackers stole $8.8 million, but this figure appears to be an overstatement. Later, it was confirmed that $1.2 million in SFUND tokens were stolen, massively affecting the BNB Chain clients.