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Crema Finance Hack Gets Happy Ending

Thu, 07/07/2022 - 06:12
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Alex Dovbnya
Solana-based decentralized finance protocol Crema Finance has managed to return its stolen funds
Crema Finance Hack Gets Happy Ending
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Solana-based decentralized finance protocol Crema Finance recently announced that it had managed to reach a deal with the hacker who drained the platform of $8.78 million worth of crypto last week with the help of a flash loan attack.

As reported by U.Today, Crema Finance was forced to shut down its liquidity services as a result of the hack.

The team behind the protocol immediately offered the attacker a generous $800,000 bounty before contacting law enforcement authorities and launching an investigation. The blockchain project started working with the industry’s leading security firms in order to monitor the attacker’s funds. The hacker managed to negotiate a much bigger bounty of 45,455 SOL tokens (roughly $1.7 million at press time). In exchange, they returned roughly $7.6 million worth of stolen crypto.

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After reaching a deal with the “white hat,” Cream Finance claims that a compensation plan will be unveiled within the next two days.

Last August, the attacker behind the Poly Network hack eventually agreed to return roughly $610 million worth of stolen funds after weeks of back and forth. “Mr. White Hat” didn’t explain what prompted their change of heart, but it’s likely that whoever was behind the attack simply wanted to teach the embattled DeFi protocol a much-needed lesson.

Some other major blockchain projects weren’t so lucky. As reported by U.Today, Axie Infinity’s $625 million Ronin hack was linked to Lazarus Group, a notorious cybercrime collective controlled by the North Korean government.

Blockchain sleuth Elliptic also suggested that the recent $100 million Harmony attack was also orchestrated by North Korean hackers.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at