Crema Finance

Crema Awarded its Hacker After Stolen Funds Were Returned

Posted Friday, July 8, 2022 by
Sophia Cruz • 1 min read

A settlement was reached between Crema Finance and the hacker responsible on the attack on the platform that happened over the weekend. The liquidity protocol built on the Solana blockchain lost almost $9 million worth of crypto assets in a flash loan attack. The Crema team stated that the hacker used various unexplored ways enabling them to take out six flash loans. 

To minimize the impact of this incident, Crema put a halt on its smart contract and initiated an investigation to establish the attacker’s identity. The team also sent an on-chain message and offered them to become an ethical hacker or so-called white hat and receive a bounty or if not then face lawful action. 

After an extreme negotiation with the attacker, a big portion of its looted funds had been returned for a $1.6 million bounty since they kept the remaining SOL 45,455. The hacker returned ETH 6,064 ($7.19 million) and SOL 23,967.90 ($892,565). The firm is not likely to take legal action against the attacker since most of the stolen funds have been sent back.

Furthermore, Crema Finance submitted its new codebase to the blockchain security firm Slowmist for audit. As stated, Crema’s protocol will resume its system once the new audit is completed.

Crypto hacks are increasing, according to a report from the security firm Immunefi, investors lost around $1.22 billion to cyber attacks just in the first quarter of 2022. 

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