Hacker Crema Finance Returns Money

The attacker to the Crema Finance protocol returned most of the funds to the project and kept a small amount as a reward.

As reported by Coincu News, on July 3, the liquidity aggregation protocol Crema Finance on Solana was hacked, stealing more than $8.7 million in cryptocurrency, including 69,422 SOL and 6.5 million USDC, and quickly converted to ETH.

The cause of the attack is said to come from the flash loan feature as well as the flaws in the project’s claim fee mechanism.

Crema Finance asked the hacker to return the money with a commitment to keep $ 800,000 as a bug bounty reward

By the morning of July 7, the project said that the hacker had agreed to return the money after negotiation. Accordingly, Crema Finance received 6,064 ETH and 23,967 SOL, equivalent to nearly 7.9 million USD. Under the agreement, the hacker will be allowed to keep 45,455 SOL ($1.65 million) as a bug bounty.

According to security research account zachxbt, the reason the hacker decided to cooperate with the project was because in the process of dispersing assets, the hacker had a transaction with an address related to the Gemini exchange, threatening to reveal his identity.

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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Coincu News

Hacker Crema Finance Returns Money

The attacker to the Crema Finance protocol returned most of the funds to the project and kept a small amount as a reward.

As reported by Coincu News, on July 3, the liquidity aggregation protocol Crema Finance on Solana was hacked, stealing more than $8.7 million in cryptocurrency, including 69,422 SOL and 6.5 million USDC, and quickly converted to ETH.

The cause of the attack is said to come from the flash loan feature as well as the flaws in the project’s claim fee mechanism.

Crema Finance asked the hacker to return the money with a commitment to keep $ 800,000 as a bug bounty reward

By the morning of July 7, the project said that the hacker had agreed to return the money after negotiation. Accordingly, Crema Finance received 6,064 ETH and 23,967 SOL, equivalent to nearly 7.9 million USD. Under the agreement, the hacker will be allowed to keep 45,455 SOL ($1.65 million) as a bug bounty.

According to security research account zachxbt, the reason the hacker decided to cooperate with the project was because in the process of dispersing assets, the hacker had a transaction with an address related to the Gemini exchange, threatening to reveal his identity.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu News

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