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Crema Finance Temporarily Suspends Services Following an Exploit - TheNewsCrypto


thenewscrypto.com 03 July 2022 08:25, UTC
Reading time: ~2 m

  • Crema Finance immediately halted its liquidity services after discovering the breach.
  • Some crypto community members believe the hacker stole 90% of entire liquidity.

Solana-based liquidity protocol Crema Finance has stated that its services have been temporarily suspended due to an exploit that has drained a significant but unknown quantity of cash. Crema Finance immediately halted its liquidity services after discovering the breach on its protocol to prevent the hacker from depleting its liquidity reserves, including those of the service provider and investors.

Crema Finance team tweeted:

“Attention! Our protocol seems to have just experienced a hacking. We temporarily suspended the program and are investigating it. Updates will be shared here ASAP.”

Undisclosed Amount of Funds Exploited

Even though the investigation is continuing, the Crypto Twitter community has taken it upon themselves to find the hacker’s wallet and acquire a deeper grasp of the matter. According to @HarveyMackinto2, a crypto community member, the hacker’s wallet address has been discovered. 69,422.89 Solana (SOL) tokens — about $2.3 million — were purchased in a series of transactions over many hours by the address in question.

While some crypto community members believe the hacker got away with 90% of Crema Finance’s entire liquidity, others believe the exact opposite. Henry Du, the co-founder of Crema Finance, stated that the protocol’s whole functionality had been put on hold indefinitely and invited investors to check back for an update when it became available.

The Lazarus Group, a North Korean hacker group, has emerged as the leading suspect in a recent assault on the Harmony protocol that resulted in the theft of $100 million. Elliptic, a blockchain analysis business, found evidence that North Korea was involved in money laundering related to the event.

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