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Jafrin Ahmed
Jul 7, 2022
by Jafrin Ahmed

Crema Hacker Agrees to Return $8M But Keep $1.6M of Stolen Funds

Crema hacker

Table of contents

  1. Crema Finance Reaches Deal With Hacker
  2. Temporarily Shut Down After $9 Million Hack
Solana-based DeFi protocol Crema Finance reaches a deal with the hacker who drained the platform of nearly $9 million worth of crypto last week. Under the deal, the hacker gets to keep $1.6 million of the stolen funds and return $8 million of the stolen funds.

Crema Finance Reaches Deal With Hacker

In a tweet update posted on July 7, Crema Finance stated that the attacker of its recent hack has agreed to take 45455 SOL as the white hat bounty, worth $1.7 million, at the time of writing. In exchange, roughly $7.6 million of the funds will be returned.

The hacker returned the funds in a series of four transactions on Ethereum and Solana networks. The first transaction on each network was a test with a small amount, while the following consisted of the majority of the funds sent. The team will also issue a compensation plan for affected users by July 8.

The bounty, 45,455 Solana (SOL), is worth a generous 16.7% of the $9.6 million Crema lost initially, which forced the protocol to suspend services.

Temporarily Shut Down After $9 Million Hack

Earlier last week, Crema Finance announced it was temporarily suspending its services to investigate an exploit that stole over $9 million from the protocol.

According to a blockchain auditing firm, OtterSec, the hacker used Solend flash loans to drain the protocol pools. The attacker first deployed their on-chain program, so they could use the flash loans.

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Crema Hacker Agrees to Return $8M But Keep $1.6M of Stolen Funds
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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