Crema Finance Suspends Its Liquidity Procedure For Solana Amid A Hacking Probe

Due to a successful exploit that has successfully siphoned off a sizeable but undisclosed quantity of funds, Crema Finance, a concentrated liquidity protocol over the Solana blockchain, has temporarily suspended its services.

Crema Finance immediately ceased the liquidity services after being aware of the breach in its protocol to stop the hacker from consuming its liquidity reserves, which include investor and service provider cash.

The Crypto Twitter community took it upon themselves to locate the hacker’s wallet and acquire a better understanding of the problem, even if the corporation has yet to provide an update based on an investigation that was continuing at the time of writing.

Crypto community member @HarveyMackinto2 apparently discovered the hacker’s wallet address after doing his own research. The address in question is home to 69,422.89 Solana (SOL) tokens, which are worth just over $2.3 million after many hours of transactions.

However, some members of the cryptocurrency industry believe the hacker stole 90% of the total liquidity from some of Crema Finance’s pools. Co-founder of Crema Finance Henry Du acknowledged that all protocol functions have been put on indefinite hold and urged investors to check back for an update for further details.

Readers should be aware that Crema Finance

A decentralized finance DeFi lending protocol that similarly suffered a $19 million loss in a flash loan breach last year, is unrelated to Crema Finance. A request for comment from Cointelegraph has not yet received a response from Crema Finance.

The Lazarus Group, a North Korean hacker group, is now the main suspect in a recent attack that stole $100 million from the Harmony protocol.

According to Elliptic’s blockchain analysis, North Korea was involved based on the ways the stolen money was laundered:

“There are strong indications that North Korea’s Lazarus Group may be responsible for this theft, based on the nature of the hack and the subsequent laundering of the stolen funds.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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