After the July 2nd hack, 2022 hack, Crema Finance’s team that runs decentralized finance (defi), explained to the group that the hacker received approximately $8 Million in cryptocurrency assets. According to the team the hacker accepted a white-hat bounty in the amount of 45,455 Solana.
Blockchain Finance: Hacker Recovers $8 million from Crypto-to-Crema Finance
The defi-project Crema Finance was exploited by crypto asset holder for $8.7million on July 2, 2022. AccordingAccording to Ottersec, a flash loan attack was used to siphon digital currencies worth $8,782,446.
Crema Finance temporarily suspendedThe exploit was discovered and the program was immediately stopped. On July 5, Crema Finance said that the investigation was making “significant progress.”
“By tracing the original gas sources of the hacker’s address, we targeted a suspicious identity that might relate to the hacking incident. New updates will be shared following a further verification,” Crema Finance saidTuesday. Furthermore, the defi project’s team detailed that it received the on-chain reply from the suspected hacker. Crema Finance noted:
We’re verifying its authenticity and starting the negotiation process.
The Majority of Crypto Stolen 2022 at $2 Billion Stemmed From Defi Exploits
The hacker apparently returned large amounts of ETH after a long negotiation and a reward of 45.455 solana.
“After a long negotiation,” Crema Finance explained, “the hacker agreed to take 45,455 SOL as the white hat bounty. Now we have confirmed the receipt of 6,064 ETH + 23,967.9 SOL in four transactions… A follow-up compensation plan will be released in 48h.”
Many hacks of decentralized finance (defi), protocols were committed in 2022. Only $1.3Billion in crypto funds were stolen from individuals, exchanges or defi protocol members during the first quarter. Defi exploits were responsible for 97% of $1.3 billion. During the second quarter $670million was taken from defi exploitations.
A majority of the stolen crypto from Q2 2022’s defi exploits came from four different projects, according to a report written by Immunefi. These four projects are Beanstalk (Harmony Horizon Bridge), Mirror Protocol and Fei Protocol.
Crema Finance revealed that the company submitted the new codebase to Slowmist for an audit just prior to announcing its successful communication with the hacker. “Crema’s protocol will go live again after the new audit is completed,” the Crema Finance team said.
Sometimes, defi project get lucky enough to be able to bargain with attackers and receive a portion or all of their stolen funds back. Although there are many ways to reach hackers or give them rewards, most defi project fail to get in touch with an attacker. They end up paying the losses.
Do you agree with the offer of a bounty to hacker for $8 million in ethereum or solana? Comment below and let us know how you feel about the subject.
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