Crema Finance Suspends Liquidity Services After Hacking Incident

Alex Dovbnya

Solana-based Crema Finance has been drained of $6 million following a hack

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Sun, 3/07/2022 - 16:29

Crema Finance Suspends Liquidity Services After Hacking Incident

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Crema Finance, a Solana-based blockchain protocol, has halted its services after experiencing a $6 million hack, according to a Twitter tweet.

According to data provided by independent security research firm OtterSec, the attack was carried out with the help of Solend flashloans.

The address that allegedly belongs to the hacker has been blacklisted, offering the bad actor an $800,000 bounty. Whoever hijacked the protocol has 72 hours to come forward in order to become a white hat.

Otherwise, Crema Finance threatens to contact law enforcement officials and start an official investigation in order to identify the hacker.

Last month, the protocol successfully closed a $5.4 million funding round.

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About the author

Alex Dovbnya

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 alex.dovbnya@u.today.