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Tuesday, August 9, 2022

Crema Finance Has Now Shut Down Its Liquidity Protocol On Solana

Crema Finance, a concentrated protocol of liquidity over the blockchain of Solana, recently announced a temporary suspension of its services.

This announcement was due to a successful exploit that drained quite a large but undisclosed amount of funds from the blockchain. After the authorities got to know about the hack on the protocol, the protocol decided to suspend the liquidity services that it provided.

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This was done to prevent the hacker from draining out the liquidity reserves- which also included the funds of the investors as well as the service provider. Henry Du, the co-founder of the protocol, did confirm the commencement of the investigation as he gave an interview with Cointelegraph, where he stated that the company was working with quite a few security companies, and had also received much support from Solana, Etherscan, and others. 

Crema Finance Suffers Major Hack

Although Crema Finance is yet to provide any form of an update that would be based on an investigation that is currently in place, the crypto community on Twitter took it upon themselves to track the wallet of the hacker- something that would give everyone a better understanding of the situation. Based on a completely personal investigation, one of the members of the community allegedly spotted the wallet address of the hacker. As it stands, this address currently has around 69,422 Solana tokens– which comes to about $2.3 million.

Nevertheless, there have been other members of the cryptic community, who definitely suspect that the hackers made away with around 90% of the total liquidity from some of the pools of Crema Finance. Henry Due also confirmed that all the functions of the protocol had been suspended without any notice about when it would restart. Finally, he asked investors to stay tuned as more information would certainly come in the form of an update.

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