Crema Finance, a concentrated liquidity protocol within the Solana blockchain, announced the temporary suspension of their services because of a effective exploit which has drained a considerable but undisclosed quantity of funds.
Right after realizing the hack on its protocol, Crema Finance suspended the liquidity services to refrain the hacker from draining out its liquidity reserves — including the funds from the company and investors.
Attention! Our protocol appears to possess just possessed a hacking. We temporarily suspended this program and therefore are investigating it. Updates is going to be shared here As soon as possible.
— CremaFinance (@Crema_Finance) This summer 3, 2022
While the organization is yet to supply an update according to an analysis which was ongoing during the time of writing, the Crypto Twitter community required it privately to find the hacker’s wallet and obtain a better knowledge of the problem.
With different personal analysis, crypto community member @HarveyMackinto2 allegedly spotted the hacker’s wallet address. The address under consideration holds 69,422.89 Solana (SOL) tokens — roughly over $2.3 million, acquired through a number of transactions over several hrs.
Other people from the crypto community, however, suspect the hacker made away with 90% from the total liquidity from a number of Crema Finance’s pools. Henry Du, the co-founding father of Crema Finance, too, confirmed that the functions from the protocol happen to be suspended indefinitely and requested investors to remain tuned for more information by means of an update.
Readers must observe that Crema Finance isn’t associated with Cream Finance, a decentralized finance DeFi lending protocol, which lost $19 million very quickly loan hack this past year. Crema Finance hasn’t yet taken care of immediately Cointelegraph’s request comment.
Related: Infamous North Korean hacker group recognized as suspect for $100M Harmony attack
North Korean hacking syndicate — the Lazarus Group — is just about the primary suspect of the recent attack that made away $100 million in the Harmony protocol.
Investigations from blockchain analysis firm Elliptic claimed the participation of North Korea in line with the washing ways of the stolen funds:
“There are strong indications that North Korea’s Lazarus Group may result in this thievery, in line with the nature from the hack and also the subsequent washing from the stolen funds.”
