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Crema Finance Suspended Withdrawal

Crema Finance Suspended Withdrawal

Key Takeaways: 

Solana-based liquidity protocol, Crema lose $6 million on a recent attack.  The hacker has already liquidated 90% of its reserves. 

On July 3, Crema Finance, the first concentrated liquidity protocol took to Twitter to announce that its protocol has experienced a hack. The team a

said that they were suspending the program and starting to investigate the matter. 

The hack happened four hours before the team noticed and the Solana concentrated protocol lost $6 million. A blockchain auditing firm, OtterSEC investigated and confirmed that the hacker used Solend flash loans to drain the protocol. According to the reports, the attacker initially deployed their on-chain program to use the flash loans. The OtterSEC team said that this hack was one of its kind. 

@Crema_Finance was recently hacked for over $6M. Unlike previous attacks, this hacker used Solend flashloans to drain the pool. We’re working closely with the Crema team to help resolve this issue. In the meantime, we’ll be sharing what we know about the exploit shares this Contents always with License.

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