News Report Technology
April 07, 2025

Filament Finance Reports $572K Exploit, Pauses Operations And Offers White-Hat Bounty Recovery Effort

In Brief

Filament Finance reported a targeted exploit resulting in unauthorized fund withdrawals linked to price manipulation within its order book.

Filament Finance Reports $572K Exploit, Pauses Operations And Offers White-Hat Bounty Recovery Effort

Decentralized exchange (DEX) for on-chain derivatives on the Sei Network, Filament Finance reported a targeted exploit resulting in unauthorized fund withdrawals linked to price manipulation within its order book.

According to the platform, the exploit occurred between April 6, 12:00 AM and 4:00 AM UTC. The attackers reportedly used coordinated strategies involving large order placements and self-liquidation mechanisms across multiple accounts. Prior to the incident, user deposits totaled approximately $680,000, with an estimated $572,000 lost as a result of the exploit.

In response, Filament Finance has taken immediate security measures: trading and withdrawals have been temporarily suspended to prevent further losses. The platform is actively investigating the incident in collaboration with law enforcement and experienced blockchain forensic firms.

The platform has reported that the attacker’s movements have been traced, with stolen funds routed through the Symbiosis Bridge and primarily into the FixedFloat exchange. Wallet addresses and related transaction data have been compiled and shared with relevant authorities and security partners to assist in the asset recovery process.

The Filament team has also reached out to major decentralized finance (DeFi) and ecosystem partners to support coordinated recovery efforts. Currently, the project’s website is undergoing maintenance and remains temporarily inaccessible.

Filament Finance Offers White-Hat Bounty To Exploiter In Bid For Asset Recovery And Peaceful Resolution

As part of its response to the recent exploit, the platform has also announced a public offer to the attacker—a 10% white-hat bounty—in exchange for the voluntary return of 90% of the compromised funds. This proposal is conditional upon full cooperation and the complete return of assets. Filament Finance has expressed a willingness to engage in constructive dialogue, aiming to resolve the matter without further escalation. However, it emphasized that this is a time-sensitive opportunity intended to encourage a responsible resolution and avoid potential legal consequences.

Filament Finance operates as a decentralized perpetual exchange on the Sei Network, developed to optimize the trading experience for both individual traders and liquidity providers. Through the use of a hybrid model that combines off-chain order books with on-chain liquidity pools, the platform seeks to solve persistent issues such as insufficient liquidity in niche markets and inefficient capital usage. This approach allows Filament to offer trading performance comparable to that of centralized platforms, even in lower liquidity environments. In September 2024, the project secured $1.1 million in seed funding from several backers, including Lingfeng Innovation Fund, Halo Capital, and Spyre Group.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

The Calm Before The Solana Storm: What Charts, Whales, And On-Chain Signals Are Saying Now

Solana has demonstrated strong performance, driven by increasing adoption, institutional interest, and key partnerships, while facing potential ...

Know More

Crypto In April 2025: Key Trends, Shifts, And What Comes Next

In April 2025, the crypto space focused on strengthening core infrastructure, with Ethereum preparing for the Pectra ...

Know More
Read More
Read more
BVNK Secures Strategic Investment From Visa To Strengthen Its Stablecoin Payments Infrastructure
Business News Report Technology
BVNK Secures Strategic Investment From Visa To Strengthen Its Stablecoin Payments Infrastructure
May 7, 2025
Gate.io Celebrates 12 Years, Partnering With Oracle Red Bull Racing To Shape The Future Of Next-Gen Crypto Exchange
News Report Technology
Gate.io Celebrates 12 Years, Partnering With Oracle Red Bull Racing To Shape The Future Of Next-Gen Crypto Exchange
May 7, 2025
Google Unveils Gemini 2.5 Pro Preview With Advanced Coding And Video Recognition Capabilities
News Report Technology
Google Unveils Gemini 2.5 Pro Preview With Advanced Coding And Video Recognition Capabilities
May 7, 2025
Bitget’s Blockchain4Youth Drives Web3 And AI Innovation At Google Developer Group’s ‘Build With AI’ Hackathon
Education News Report Technology
Bitget’s Blockchain4Youth Drives Web3 And AI Innovation At Google Developer Group’s ‘Build With AI’ Hackathon
May 7, 2025