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Crema Finance hacker returns $7.6 million worth of stolen crypto

Security

www.theblock.co 06 July 2022 23:25, UTC
  
Reading time: ~2 m

On Sunday, Crema Finance, a concentrated liquidity protocol on Solana, suffered from a flash loan exploit.

The losses amounted to 69,422.9 SOL and 6,497,738 USDC stablecoin, roughly $9 million at the time of the hack.

According to an update from Crema Finance, the attacker has returned the stolen funds following a negotiation. 

Crema Finance confirmed that the hacker transferred 6,064 ETH ($7 million) and 23,967 SOL ($870,000) into the team's wallets on Solana and Ethereum in four transactions.

Per the negotiation deal, the hacker was allowed to keep 45,455 SOL ($1.65 million) as a bounty reward. The team has labeled the perpetrator as a "white hat," a term given to ethical hackers. This means it is unlikely that Crema Finance will take any legal action against the still-unknown hacker.

“After a long negotiation, the hacker agreed to take 45,455 SOL as the white hat bounty. Now we have confirmed the receipt of 6,064 ETH + 23,967.9 SOL in four transactions,” the team said.

After the hack, the team had tried to negotiate with the hacker, sending an onchain message that offered a bounty reward. The next day, it received an on-chain reply from the hacker who said: "Crema team, since you are trying to reach me to negotiate, let's chat."


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