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Solana-based DeFi protocol Crema Finance reaches a deal with the hacker who drained the platform of nearly $9 million worth of crypto last week. Under the deal, the hacker gets to keep $1.6 million of the stolen funds and return $8 million of the stolen funds.
Crema Finance Reaches Deal With Hacker
In a tweet update posted on July 7, Crema Finance stated that the attacker of its recent hack has agreed to take 45455 SOL as the white hat bounty, worth $1.7 million, at the time of writing. In exchange, roughly $7.6 million of the funds will be returned. https://twitter.com/Crema_Finance/status/1544792330674135040 The hacker returned the funds in a series of four transactions on Ethereum and Solana networks. The first transaction on each network was a test with a small amount, while the following consisted of the majority of the funds sent. The team will also issue a compensation plan for affected users by July 8. The bounty, 45,455 Solana (SOL), is worth a generous 16.7% of the $9.6 million Crema lost initially, which forced the protocol to suspend services.
Temporarily Shut Down After $9 Million Hack
Earlier last week, Crema Finance announced it was temporarily suspending its services to investigate an exploit that stole over $9 million from the protocol. According to a blockchain auditing firm, OtterSec, the hacker used Solend flash loans to drain the protocol pools. The attacker first deployed their on-chain program, so they could use the flash loans.