SEI plunges after Sei-based Filament Finance suffers $572K attack

The cryptocurrency market endured significant declines as liquidations rattled the digital assets landscape . Meanwhile, SEI led the downside, losing 19% in the past 24 hours to explore price levels not witnessed since October 2023. Adverse ecosystem developments following the Filament Finance hack intensified Sei’s crash. The Sei ecosystem-based decentralized trading network lost $572,000 in user funds after self-liquidations and order book manipulation. Filament @FilamentFinance · Follow 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 12:58 AM · Apr 7, 2025 76 Reply Copy link Read 22 replies The April 6 exploit amidst the broad market weakness contributes to SEI’s bearish stance. Filament Finance lose $572K in a coordinated attack The official statement from Filament Finance indicates that the hack happened on April 6 between 12:00 am UTC and 4:00 am UTC and resulted from a strategic order book manipulation and self-liquidations. Notably, the hacker used coordinated activity across different accounts for the exploit. The fraudsters placed massive orders and initiated self-liquidations to manipulate price data before siphoning funds from the DeFi protocol. Filament Finance has lost more than 80% of its liquidity, as it had $680,000 in user funds before the hack. Meanwhile, the platform suspended trading and withdrawals immediately to avoid further losses. The team confirmed collaborating with blockchain forensic experts, DeFi partners, and law enforcement agencies to trace the hacker’s footprints. They discovered that the attacker used Symbiosis Bridge to route the money into the FixedFloat exchange. Also, Filament Finance plans to cooperate with other ecosystem players to pressure the hacker and increase recovery chances. To adhere to responsible disclosures, the network offers the hacker a 10% bounty to return 90% of the stolen funds. The official statement stated: In the spirit of responsible disclosure, we are publicly offering the attacker a 10% white-hat bounty for the voluntary return of 90% of the exploited funds. This is contingent on full cooperation and the return of assets. We are open to negotiation and dialogue to resolve this without escalation. SEI price outlook The alt trades at $0.1335 after a massive slide on its 24-hour chart. Chat by Coinmarketcap SEI lost the crucial foothold at $0.14 to hit lows not touched since October 2023. The over 300% surge in daily trading volume indicates increased trading activity, potentially from traders exiting or modifying their trades to prevent more losses. Technical and on-chain indicators suggest more pain for SEI holders as the alt eyes further losses. The altcoin’s prevailing market structure highlights bear dominance, which could mean extended declines or consolidations before possible turnarounds. Sei bulls should push past the $0.18 support-turned-resistance to shift the bias to the upside. Analyst Crypto Patel forecasts an unwavering bull run that can take SEI prices to $2 and breakouts to $5. Source: Crypto Patel on X He believes strategic collaboration with key players, including Trump’s World Liberty Financial , could support impressive SEI revivals. The post SEI plunges after Sei-based Filament Finance suffers $572K attack appeared first on Invezz

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