Home CryptoCurrency News Exploit Forces Crema Finance to Temporarily Suspend Services, $8.7 Million Stolen
CryptoCurrency News - July 4, 2022

Exploit Forces Crema Finance to Temporarily Suspend Services, $8.7 Million Stolen

Exploit Forces Crema Finance to Temporarily Suspend Services, $8.7 Million Stolen

According to the decentralized finance (defi) protocol Crema Finance, the application was hacked on July 2, 2022. A Twitter account called “Solanafm” says the defi protocol lost around $8.7 million from the attack.

Crema Finance Vulnerability Causes Defi App to Lose Millions — 6 Flashloans Executed

Another defi protocol has lost funds to a hacker as the Solana liquidity application disclosed it was attacked on Saturday, July 2, 2022.

“Attention,” Crema Finance wrote on Saturday. “Our protocol seems to have just experienced a hacking. We temporarily suspended the program and are investigating it. Updates will be shared here ASAP.”

Crema Finance is a concentrated liquidity market maker (CLMM) algorithm built on top of Solana and the Twitter account @solanafm explained the defi app suffered an exploit. “On 2nd July, a vulnerability in the ticks account caused an exploit on Crema Finance for a total amount of $8,782,446,” Solanafm tweeted.

“We worked closely with the Crema team alongside [Ottersec] to break down the movement of the stolen funds following the exploit,” Solanafm added. Ottersec is a blockchain auditing firm that has audited various blockchain smart contracts and infrastructure.

Solanafm says that the hacker siphoned the funds via “6 flash loans on” the Solend Protocol. The attacker also leveraged the Wormhole Exchange to gather the stolen funds.

“Currently, all of the stolen funds are held in the hacker’s ETH wallet and [the] initial SOL wallet,” Solanafm’s Twitter thread concluded.

Ottersec also published a thread on the Crema Finance exploit and the flash loans. “In order to utilize flashloans, the attacker had to deploy their own onchain program,” Ottersec said. “Unfortunately, this program was quickly closed after the exploit.”

“The flashloan calls three key instructions on the Crema contract: ‘DepositFixTokenType,’ ‘Claim,’ and ‘WithdrawAllTokenTypes.’ The attacker is [then] able to deposit and then withdraw the same amount of tokens, while receiving additional tokens from the claim instruction,” Ottersec added.

Tags in this story
$8.7 million, attacker, Crema Finance, Crypto, crypto assets, Cryptocurrency, DeFi, Defi Hack, Exploit, Ottersec, SOL, Solana, Solana (SOL), Solana liquidity protocol, Solana Network, Solanafm, Solend

What do you think about Crema Finance getting hacked for $8.7 million in crypto funds? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at bitnews.gold News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for bitnews.gold News about the disruptive protocols emerging today.

Russian Media Censor Roskomnadzor Blocks Major Crypto News Website

Russian Media Censor Roskomnadzor Blocks Major Crypto News Website

Blockfi CEO Says FTX Has an 'Option to Acquire' Crypto Lender at a Price of up to $240M

Blockfi CEO Says FTX Has an ‘Option to Acquire’ Crypto Lender at a Price of up to $240M

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. bitnews.gold does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments

bitnews

Leave a Reply

Your email address will not be published.

Check Also

Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins

For a while now, Ethereum whales have been moving their coins around. This has been a dire…