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Solana’s Hack Investigation Forces Crema Finances to Shut Liquidity Protocol

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Crema finance
Crema finance

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While the Crypto Twitter community waited for Crema Finance to report on the matter, they took it upon themselves to locate the hacker’s wallet and gain a deeper understanding of the issue.

Crema Finance, a focused liquidity protocol built on the Solana blockchain, has stated that it would temporarily suspend its services as a result of a successful exploit that has resulted in the loss of a substantial but unknown sum of cash.

As soon as Crema Finance became aware of the breach on its protocol, it took immediate action to halt the liquidity services. This was done to prevent the hacker from depleting the liquidity reserves of Crema Finance, which include the cash of the service provider and investors.

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Steps Taken To Rectify Problem

In an interview with Cointelegraph, Henry Du, one of the co-founders of Crema Finance, discussed the issue at hand and verified that an inquiry has been launched.

He mentioned that the group is collaborating with a few different security businesses, and they have received help from Solana, Solscan, and Etherscan, among other companies.

They have promised to keep their official Twitter account updated with any new information.

Crypto Community Unites To Help

The Crypto Twitter community has taken it upon themselves to hunt down the hacker’s wallet and obtain a better grasp of the problem, despite the fact that the firm has not yet provided an explanation dependent on a probe that was underway at the time that this article was written.

A member in the cryptocurrency community under the handle @HarveyMackinto2 is said to have uncovered the hacker’s wallet address through their own independent research.

This particular address is in possession of 69,422.89 Solana (SOL) tokens, which are valued at around $2.3 million.

These tokens were acquired during a series of transactions that took place over the course of many hours.

The rest of the cryptocurrency world, on the other hand, is of the opinion that the hacker is responsible for the loss of about 90% of the total liquidity held in certain of Crema Finance’s pools.

Du, too, has verified that all of the protocol’s functionalities have been paused permanently, and the company has encouraged investors to remain tuned for more information in the form of an update.

It is important for readers to keep in mind that Crema Finance is not connected in any way to Cream Finance, a decentralized finance DeFi lending protocol that, like Crema Finance, suffered a loss of $19 million in a flash loan hack in 2017.

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