Key Highlights
The sudden disappearance of CrediX after a $4.5 million hack has sparked significant concerns about a possible rug pull. Simultaneously, NFT platforms have surpassed DeFi in daily user engagement, indicating a change in market dynamics even though NFT trading volumes remain well below the peaks of 2021.
CrediX has emerged as a new cautionary example in the DeFi space, following a $4.5 million breach that left users in a lurch and the project team seemingly vanished.
This incident, which bears the characteristics of a rug pull, occurs as the broader DeFi and NFT sectors are experiencing growth, albeit with shifting user trends suggesting that the next wave of expansion might take a different shape.
The Silence After the Exploit
What initially appeared to be a typical security breach has escalated into what many suspect is a full-scale exit scam.
On August 4th, CrediX was exploited, resulting in the loss of approximately $4.5 million from its pools. The team initially assured users of reimbursements within 24-48 hours, but these promises were not fulfilled.
Instead, the project’s website and social media accounts were taken offline, leaving users without any information.
Data indicates that around $400,000 of the stolen funds were laundered through Tornado Cash, while the rest remain in private wallets.
Although there is no conclusive evidence that CrediX orchestrated the hack, its sudden disappearance has led to suspicions.
Implications and Risks
Compounding the risk, some non-custodial platforms continue to list CrediX pool tokens without issuing warnings, potentially exposing more traders to similar losses.
NFTs Surpass DeFi in User Engagement
In July, DeFi experienced record liquidity, with total value locked reaching $270 billion, marking a 30% increase from the previous month.
However, the more significant development was NFTs taking the lead in user engagement.
According to DappRadar, 3.85 million Daily Active Wallets interacted with NFT DApps, slightly surpassing DeFi. NFT trading volumes increased by 96% to $530 million, with average prices doubling to $105.
Market Dynamics
The Ethereum marketplace Blur captured up to 80% of daily NFT volume, with OpenSea leading in active traders and Zora gaining attention for its affordable minting tools.
Luxury brands like Louis Vuitton and Rolex joined the likes of Nike and Coca-Cola in launching NFT initiatives, while interest in legacy collections like CryptoPunks surged, accounting for nine of the top ten sales recently.
Challenges in NFT Recovery
Despite the uptick in July, the broader NFT market remains subdued compared to 2021.
Trading volumes in 2024 decreased by 19% year-on-year, and sales counts dropped by 18%, making it one of the weakest years since 2020. According to CryptoSlam, total sales for the first half of 2025 amounted to $2.82 billion, a 4.6% decline from late 2024.
Even with July’s surge in activity and floor prices, the market is still far from its 2021 zenith when monthly volumes reached tens of billions.
While recovery is evident, the unprecedented boom that characterized the NFT market in the past remains elusive.
