Crema Finance, a liquidity protocol on the Solana Blockchain, said it is temporarily suspending services. The platform behind Altcoin CRM announced that it is investigating the hacking attack. Crema stated that he was working with OtterSec, a blockchain audit firm, and other experienced organizations on the investigation. Here are the details…
Hack alert in altcoin project
Crema Finance, a liquidity protocol operating on the Solana Blockchain, has temporarily suspended its services. Because there was an attack that consumed a significant but undisclosed amount of funds. Shortly after realizing that its protocol had been hacked, Crema Finance suspended its liquidity services to prevent the hacker from draining its liquidity reserves. Liquidity reserves also included the funds of the service provider and investors.
The company has yet to offer an update based on an ongoing investigation at this time. However, the cryptocurrency community on Twitter did not stay idle. He took the reins to track the hacker’s wallet and better understand the situation. Based on personal research, crypto community member “HarveyMackinto2” allegedly identified the hacker’s wallet address. There are 69,422.89 Solana (SOL) tokens at the address in question. Purchased in a series of transactions in a matter of hours, SOL is worth roughly over $2.3 million.
What do the controls show?
But other members of the crypto community suspect that the hacker has seized 90 percent of the total liquidity from some of Crema Finance’s pools. Henry Du, co-founder of Crema Finance, also confirmed that all functions of the protocol are suspended indefinitely. He asked investors to keep up with the latest updates on the situation.
In the same thread, OtterSec said that Crema had “recently experienced over $6 million in hacks.” The audit and security firm stated that unlike previous attacks, this hacker used Solend flash credits to drain the pool.
Hacking attacks continue in the cryptocurrency space
It is worth noting that Crema Finance is not related to Cream Finance, a decentralized finance DeFi loan protocol. As we reported as Kriptokoin.com, Cream Finance lost $19 million in a flash credit hack last year. On the other hand, Lazarus, a North Korean hacker group, remains one of the leading suspects in crypto hacks. Lazarus has become the primary suspect in a recent attack that stole $100 million from the Harmony protocol.
Research from blockchain analysis firm Elliptic claimed that North Korea was also involved in this attack, based on laundering methods of stolen funds. However, nothing has been clarified on this subject.
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