Crema Finance Hacked

It seems that prominent hacks are happening every month more recently. On Saturday, Crema Finance, a concentrated liquidity protocol, was hacked. This hack led to the temporary suspension of their protocols.

• Crema finance announced the suspension of its services due to an exploit that drained a substantial amount of its funds.
• Though they did not disclose the amount, SolanaFM (Twitter account) says that they lost around $8.7 million from the attack. This hack targeted funds from both the service provider and investors.
• Co-founder Henry Du said that they are “working with some security companies and got support from Solana, Solscan and Etherscan etc”.
• Crema provided an update on Sunday, posting the hackers’ address saying that they have located the funds and will continue to track its movements.
• Some members within the crypto-community suspect that the hacker took about 90% of the total liquidity from some of Crema Finance’s pools.

Crema Finance is working to get their funds back and resolve this issue. This hack comes only two weeks after Crema raised $5.4 million in a private funding round. As a side note, readers should note that this is not the same as Cream Finance which lost $19 million to a hack last year.