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Crema Finance closes liquidity protocol on Solana amid hacking investigation

Crema Finance closes liquidity protocol on Solana amid hacking investigation

Crema Finance, a liquidity protocol aimed at Solana blockchain, has announced that its services will be temporarily suspended due to successful exploitation that has left a significant amount of funds undisclosed.

Shortly after hacking its protocol, Crema Finance suspended its liquidity services to prevent the hacker from draining its liquidity reserves, including funds from the service provider and investors.

Attention! It looks like our protocol has just been hacked. We have temporarily suspended the program and are investigating. Updates will be posted here as soon as possible. – CremaFinance (@Crema_Finance) July 3, 2022.

Speaking to Cointelegraph about the matter, Henry Du, co – founder of Crema Finance, confirmed the start of the investigation. He said :

“We work with a number of security companies and have received support from Solana, Solscan and Etherscan etc. We will continue to post any updates via the official Twitter account. ”

While the company has yet to release an update based on an investigation that was going on at the time of writing, the Crypto Twitter community has taken it upon itself to track the hacker’s wallet and gain a better understanding of the situation.

Based on a personal investigation, it was reported that a member of the cryptocurrency community @ HarveyMackinto2 saw the launch of the hacker’s wallet. The address in question contains 69,422.89 Solana (SOL) tokens in question, or about over $ 2.3 million, received through a series of transactions over several hours.

Other members of the cryptocurrency community, however, suspect that the hacker took 90% of the total liquidity from several Crema Finance pools. Oh, too, a confirmed all protocol functions were suspended indefinitely and investors were asked to stay informed for further information in an updated form.

Readers should note that Crema Finance is not affiliated with Cream Finance, DeFi’s loan decentralization protocol for finance, which also lost $ 19 million in a flash loan hack last year.

Read also: A well-known North Korean hacking group has been identified as a suspect in a $ 100m Harmony attack

A group of hackers from North Korea – the Lazarus Group – is the main suspect in a recent $ 100 million attack on the Harmony protocol.

Investigations by blockchain analytics firm Elliptic have confirmed North Korea’s involvement based on the methods for laundering the stolen funds:

“There is every reason to believe that the North Korean group Lazarus may be responsible for this theft, given the nature of the hack and subsequent laundering of the stolen funds.”

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