The hacker who subjugated Solana-based liquidity protocol Crema Finance on July 2 returned most of the funds. The Crema Finance team awarded the hacker who made off with nearly $10 million in funds from the protocol 16.7% of the stolen funds as a white hat bounty
The bounty, 45,455 Solana (SOL), is valued a generous 16.7% of the $9.6 million Crema lost primarily, which enforced the protocol to suspend services.
Crema’s team started an investigation to recognize the hacker by tracking their Discord handle and tracing the original gas source for the hacker’s address. Just as it appeared the team may have been onto the secret identity, it declared that it had been negotiating with the hacker. On July 6, the hacker returned 6,064 Ether (ETH) and 23,967 SOL worth roughly $8 million.
The hacker refunded the funds in a series of transactions on Ethereum and Solana networks. The 1ST transaction on each network was a test with an insignificant amount of coins, while the succeeding was worth the most of the funds sent.
Users of Crema and the team have the purpose to rest easier now that the funds have been protected, but there is still work to do. The team declared on July 5, before the deal had been got, that it defers to new code for checking to ensure that the same exploit did not happen again.
Although the community anticipates an official post-mortem on the occurrence, the Crema team delineated what happened in a July 3 tweet. The attacker took out a flash credit from the Solend decentralised finance (DeFi) lending protocol, which was added as liquidity to a Crema pool.
The hacker then invented pricing data to make it seem as though they were billed a much bigger reward than they should have. This permitted them to take “a huge fee amount” worth about $9.6 million from the pool to which they added the flash loan.
The Crema protocol will be back up and running after the assessment is complete, according to the team’s tweet. The team will also issue a recompense plan for affected users by July 8.
Crema is fortunate to have recovered as many funds as it did, as the catastrophe that befell the Horizon Bridge on Harmony last month.
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