Binance Freezes Funds as Seedify Falls Victim to Major Bridge Exploit

Attackers siphoned off an estimated $1.7 million after manipulating cross-chain contracts, leaving tens of thousands of holders exposed and fueling speculation of another North Korean-linked operation.

How the Exploit Played Out

The incident centered on developer keys tied to Seedify’s OFT bridge. Once compromised, the attackers were able to unlock permissions, mint billions in counterfeit tokens, and cash them out for assets such as BNB and ETH. Most of the stolen funds remain on BNB Chain, with only about $200,000 frozen after Binance’s Changpeng Zhao confirmed blacklists were enacted across major exchanges.

Despite the contract having passed an external audit, the breach highlighted how vulnerabilities in bridge infrastructure continue to be exploited at scale.

Market Shock and Community Fallout

The price of SFUND collapsed in the hours following the exploit, plunging nearly 60% before partially rebounding. Even after recovery, the token closed more than 40% lower on the day and remains down roughly 80% over the past year. Nearly 64,000 wallets were directly impacted, many taking to social media to demand investigations and calling on blockchain sleuths like ZachXBT to follow the stolen funds.

Seedify responded by disabling all bridge activity, revoking permissions, and offering bounties to those able to track the attackers. The team insisted liquidity pools on BNB Chain were secured and reiterated that its long-term Web3 development roadmap remains intact.

North Korea’s Fingerprints

What makes the hack especially notable is its apparent overlap with addresses tied to previous cyber operations from North Korea’s Lazarus Group. Analysts pointed to similarities with the infamous Ronin exploit of 2022 and other DPRK-linked thefts, reinforcing fears that state-backed hackers continue to target decentralized infrastructure as part of an ongoing campaign.

While some early reports inflated the total loss to nearly $9 million, investigators now estimate the confirmed figure closer to $1.7 million — still a significant blow to Seedify’s community.