Solana-based Crema Finance Closed during the Hack Investigation
A focused liquidity protocol (Crema Finance) operating on the blockchain of Solana declared the momentary termination of the services thereof due to an effective exploit. In the respective incident, a considerable however unrevealed sum of funds has been drained.
After Hack, Crema Finance Stops Its Liquidity Protocol on Solana
Just after recognizing that the hack has taken place on the protocol of Crema Finance, the venue halted its liquidity services to prevent the exploiter from taking away the liquidity reserves in its possession. These reserves take into account the funds of the investors as well as the service provider.
The event was reported on the behalf of Crema Finance on the official Twitter account thereof and it noted that their protocol appeared to have undergone exploitation. They further noted that the program has been suspended and they are engaged in the investigation of the respective matter. Further updates, they added, will be provided by them shortly.
Besides the Platform, Community Investigates on Their Own
Though the firm has not yet provided any update dealing with the ongoing investigation, at the moment, the community of Crypto Twitter made it their responsibility to reach into the wallet of the hacker as well as to acquire enhanced knowledge about the matter. After doing some personal investigation, a participant of the crypto community supposedly tracked down the address of the exploiter’s wallet.
The respective address contains up to 69,422.89 Solana tokens (having a worth of nearly more than $2.3M obtained via a list of transfers done during the same hours. The rest of the crypto community participants, nonetheless, are of the view that nearly ninety percent of the cumulative liquidity from a few pools of Crema Finance has been taken away by the hacker.
Crema Finance’s co-founder – Henry Du – also asserted that the entirety of the protocol-based operations has faced a suspension for good. He requested the investors to remain in contact to have additional information in the next update. It is noteworthy for the readers that there is no connection between Crema Finance and Cream Finance (known as a lending protocol based on decentralized finance).
The latter additionally lost approximately $19M last year due to a flash loan attack. The primary suspect in the case of a recent hack is the Lazarus Group (a hacking syndicate based in North Korea) as almost $100M has been taken away by them from the Harmony protocol.
