Filament Finance DEX on Sei Ecosystem Suffers $572K Exploit

Highlights:

• Filament Finance lost $572,000 from a security compromise.
• The hackers initiated unauthorized fund withdrawals via price manipulation on the platform’s order book.
• The DEX platform has partnered with blockchain security experts to aid asset recovery.

Filament Finance, a DEX platform on the Sei ecosystem, suffered a security compromise that drained roughly $572,000 from the exchange. The DEX platform confirmed the hack on its verified X handle via an April 6 tweet. According to the exchange, the hackers exploited large order placements and self-liquidation mechanisms. This enabled the scammers to steal funds via price manipulation on the platform’s order book.

Filament Finance reported the hack lasted four hours, between 12:00 AM UTC and 4:00 AM UTC on April 6. The DEX platform also noted it had about $680,000 in total user deposits before the compromise, implying that the exchange was left with $108,000 after the exploit.

Recovery Efforts

In its tweet, Filament Finance outlined its fund recovery efforts. First, the DEX platform secured its protocol by halting trading operations and withdrawals. Secondly, it reached out to leading blockchain forensic firms and DeFi partners to investigate the hack.

In addition, Filament Finance tracked the movement of the stolen funds. The DEX platform said the hackers first moved most of the funds through Symbiosis Bridge before depositing them into exchanges, especially Fixed Float. Filament Finance added that it had submitted all wallet addresses linked to the stolen funds to relevant blockchain security authorities. This will facilitate tracing and asset seizure, limiting the platform’s loss.

1/2 On April 6, 2025 at 12:00 AM UTC, Filament Finance experienced a targeted exploit involving unauthorized fund withdrawals through price manipulation on our order book. The coordinated attack leveraged large order placements and self-liquidation mechanisms across multiple…

— Filament (@FilamentFinance) April 6, 2025

Filament Finance Announced Bounty Program

The DEX platform also offered the hackers a 10% white-hat bounty if they voluntarily returned 90% of the stolen funds. Filament Finance’s offer implies that the scammers could keep $57,200 and return $514,800.

In addition, Filament Finance urged anyone with relevant information to reach out through its official website. The DEX platform warned that now remains a time-sensitive opportunity to resolve the matter to prevent future legal consequences.

🚨 Securr x @FilamentFinance: Recovery Bounty Program 🚨

We have partnered to trace and recover the $572,000 stolen in today’s hack.

💰 Bounty: If your lead results in freezing the stolen funds, you’ll receive 10% of the recovered amount.

👉 https://t.co/t2J8lREleF 👈

— Securr (@Securrtech) April 7, 2025

Filament Finance CEO Highlights Next Major Fund Recovery Steps

In an April 7 tweet, Abhitej, Filament Finance’s co-founder, shared an update on the security compromise. The co-founder confirmed the efforts above, adding that the DEX platform intends to take new major steps. First, Filament Finance will share a detailed post-mortem report on the hack incident.

Second, it plans to target exchanges the hackers deposited the funds into. The DEX platform said it has the support of relevant security agencies and legal authorities to investigate the implicated trading platforms. Finally, Filament Finance rolled out the migration flow for COMB Pool users to claim a portion of their assets.

Abhitej appreciated the users’ patience and support, reiterating the platform’s commitment to gaining the customers’ trust. “Really grateful for all the support and well wishes we have received in the last 24 hours. We are giving it our all to get past this situation,” the co-founder stated.

For last 24 hours, we have been working really hard to:

– Secure the product and go through second by second logs to identify the malicious actors.
– Work with legal authorities and security experts to recover the funds.
– Create a clear plan of action to safely return the… https://t.co/FZU3UzrepC

— Abhitej | Filament (🦹,🦹) (@abhitejxyz) April 7, 2025

The Filament Finance hack highlights the growing rate of crypto scams. On April 1, Crypto2Community reported a decline in crypto hack events in March. According to the publication, crypto traders lost $28.8 million to scammers in March, a significant reduction from the over $1.5 billion loss recorded in February.

Meanwhile, 2025’s first quarter (Q1) recorded over 60 crypto hacks, with total losses of $1.63 billion. This figure is significantly less than the $706 million recorded in 2024’s Q1.