What to Know
- DPRK hackers stole $1.2M in SFUND through a bridge exploit.
- CZ confirms $200K frozen on HTX, rest still on-chain.
- SFUND price crashed 42%, hitting $0.05, due to panic selling.
Seedify.fund (SFUND) has suffered a massive blow after hackers linked to North Korea’s DPRK stole more than $1.2 million through a cross-chain bridge exploit. The hack, which took place on September 23, has left around 64,000 holders affected and wiped out nearly all of SFUND’s market value.
How the Hack Happened
Yesterday, Seedify informed on X that hackers had gained access to one of its developers’ private keys at around 12:05 UTC. Using this, they were able to mint a huge amount of SFUND tokens through a bridge contract that had previously passed security audits.
In a detailed update, Seedify explained that the hacker exploited the OFT contract, which allowed them to change contract settings and mint tokens on Avalanche without actually bridging assets. The stolen tokens were then sent to Ethereum, Arbitrum, and Base, where the liquidity pools were emptied. Finally, the attacker sent the most money they could to BNB Chain and sold the tokens before the breach was stopped.
Seedify emphasized that the core contracts, user wallets, and its protocol were not affected. However, cross-chain bridges have been paused, and the team urged users not to purchase SFUND on other chains until further notice. The company also thanked on-chain investigator zachxbt and security group ZeroShadow for helping trace the hack.
CZ and Binance Step In
In a public plea on X, Seedify founder Aydan tagged Binance CEO Changpeng Zhao, asking for help to stop the hackers from withdrawing funds. “Hi @cz_binance… hackers transferred minted tokens onto many chains, including BNB, where they sold most of the $SFUND tokens. Currently, they hold more than $1.2M in BNBchain… 64k people got affected,” Aydan wrote.
Earlier today, CZ responded: “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!”
This confirms that while some stolen funds were frozen on HTX, the majority still remain in the hacker’s wallets. Major centralized exchanges have now blacklisted the hacker’s addresses to prevent cashing out.
Market Impact: SFUND Price Collapses
The hack triggered a brutal selloff. According to CoinMarketCap, SFUND fell 42.32% in the last 24 hours, massively underperforming the broader crypto market, which slipped just 0.39%.
Analysts say this drop follows a $40 million bridge exploit that shook investor confidence. SFUND also broke key technical support levels, with the RSI indicating extreme oversold conditions. Panic selling pushed the price as low as $0.05, though some buyers stepped in at that level. Trading volume jumped 1,741% to $25 million, which shows how many worried holders wanted to get out.
Community Response
Seedify reassured its users that the incident was limited to a compromised wallet’s minting privileges, not the underlying protocol. The team promised to work with auditors and security experts to review all infrastructure.
“We deeply regret the impact of this incident and are committed to handling it with transparency,” the company said. “Since 2021, Seedify has been a home for builders in Web3. This event won’t stop us, it only makes us more determined to build better.” The project also expressed gratitude to the community for its support during the crisis.
What’s Next
The SFUND hack shows that cross-chain bridges are still risky, even after they have been checked by auditors. From now on, everyone is watching Seedify’s efforts to freeze or get back stolen assets, as well as their security improvements and audit reviews.
The SFUND community has a long way to go to rebuild trust, especially with DPRK hackers involved and millions of dollars still on the chain.
Also Read: Whale Bets Pile Up as Aster Price Struggles Near $2 Resistance
