Seedify’s SFUND token was virtually wiped out in minutes on September 23 after a devastating exploit of its cross-chain bridge. The token plunged from $0.43 to near zero, briefly stabilizing around $0.21, according to CoinMarketCap.
The collapse left 64,000 holders affected and about $1.2 million in assets compromised, sparking a scramble to contain the damage and appeals for outside help.
How the Exploit Happened
Founder Levent Cem Aydan confirmed that attackers had gained access to a developer’s private keys, which allowed them to manipulate the bridge contract on Avalanche. This gave them the ability to mint massive amounts of unauthorized SFUND and dump the tokens across multiple blockchains.
Seedify later attributed the attack to a DPRK state-affiliated group, highlighting the increasing sophistication of such exploits. What makes the situation even more unsettling is that the compromised contract had previously passed an audit by a reputable security firm.
Seedify’s Response
Within hours, Seedify issued a statement on X outlining its emergency measures:
- Trading was halted across centralized exchanges.
- Malicious wallets were blacklisted across multiple chains.
- All cross-chain bridges were temporarily disabled.
- Compromised permissions were revoked.
The team reassured its community that there was no ongoing risk to BNB Chain liquidity and pledged to rebuild stronger:
“Since 2021, Seedify has been a home for builders and everyone dedicated to creating value in the Web3 ecosystem, through both bull and bear. This unfortunate event won’t stop us it only ignited our team to build better and bigger from here.”
Appeals for Help
The severity of the hack prompted Aydan to take unusual steps. In addition to appealing directly to Binance founder Changpeng Zhao for support, he offered blockchain investigator ZachXBT a bounty if he could help trace the stolen funds and identify the attackers.
Bigger Picture
The Seedify exploit is one of the sharpest token collapses in recent memory, underlining the risks tied to cross-chain bridges a frequent target of sophisticated hacker groups.
While the team has moved quickly to contain the fallout, the attack raises broader concerns about vulnerabilities in Web3 infrastructure, even for projects that undergo audits.
For Seedify and its community, the road ahead will be focused on restoring trust, tightening security, and rebuilding momentum in the wake of a near-total collapse.
