Crema Finance shuts liquidity protocol on Solana amid hack investigation


Crema Finance, a concentrated liquidity protocol over the Solana blockchain, introduced the non permanent suspension of its companies owing to a profitable exploit that has drained a considerable however undisclosed quantity of funds.

Quickly after realizing the hack on its protocol, Crema Finance suspended the liquidity companies to chorus the hacker from draining out its liquidity reserves — which embody the funds of the service supplier and buyers.

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Talking to Cointelegraph concerning the matter, Henry Du, the co-founder of Crema Finance, confirmed the graduation of the investigation. He acknowledged:

“We’re working with some safety firms and received assist from Solana, Solscan and Etherscan and so forth. We’ll proceed to put up any replace through official Twitter account.”

Whereas the corporate has but to supply an replace primarily based on an investigation that was ongoing on the time of writing, the Crypto Twitter neighborhood took it to themselves to trace down the hacker’s pockets and achieve a greater understanding of the scenario. 

Based mostly on a private investigation, crypto neighborhood member @HarveyMackinto2 allegedly noticed the hacker’s pockets handle. The handle in query holds 69,422.89 Solana (SOL) tokens — roughly over $2.3 million — procured by way of a collection of transactions over a number of hours.

Different members of the crypto neighborhood, nevertheless, suspect the hacker made away with 90% of the full liquidity from a few of Crema Finance’s swimming pools. Du, too, confirmed that each one the capabilities of the protocol have been suspended indefinitely and requested buyers to remain tuned for additional info within the type of an replace.

Readers should be aware that Crema Finance just isn’t associated to Cream Finance, a decentralized finance DeFi lending protocol, that additionally lost $19 million in a flash loan hack last year

Associated: Infamous North Korean hacker group identified as suspect for $100M Harmony attack

North Korean hacking syndicate — the Lazarus Group — has develop into the first suspect of a current assault that made away $100 million from the Concord protocol.

Investigations from blockchain evaluation agency Elliptic claimed the involvement of North Korea primarily based on the laundering strategies of the stolen funds:

“There are sturdy indications that North Korea’s Lazarus Group could also be chargeable for this theft, primarily based on the character of the hack and the following laundering of the stolen funds.”