Crema Finance Retrieves Stolen Funds After Negotiation With Hacker

Crema Finance Retrieves Stolen Funds After Negotiation With Hacker
  • The DeFi project’s staff said it had received an on-chain response from the hacker.
  • The firm submitted its modified coding to the blockchain security company Slowmist.

Approximately $8.7 million in crypto assets were stolen from the DeFi project Crema Finance on July 2, 2022. According to Ottersec, a blockchain auditing business, flash loans were utilized to steal $8,782,446 in digital currency. During the investigation, Crema Finance temporarily halted operations. According to Crema Finance, “significant progress” had been made in the probe on July 5. Furthermore, the DeFi project’s staff said it had received an on-chain response from the hacker.

Crema Finance earlier stated:

“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.”

Successful Negotiation by the Team

Hacker returned two big quantities of ETH and SOL following a negotiating procedure and a bounty of 45,455 Solana (SOL). As per the current price of Solana of $38, the total comes down to $1,727,290‬. In 2022, several decentralized finance (DeFi) protocols were hacked. In the first quarter alone, $1.3 billion in cryptocurrency money were stolen from persons, exchanges, or DeFi protocols. DeFi exploits were responsible for 97 percent of the $1.3 billion in losses and $670 million in losses in the second quarter.

Before reporting the successful contact with the hacker, Crema Finance explained that it submitted its modified coding to the blockchain security company Slowmist for auditing. After completing the new audit, the Crema Finance team announced that Crema’s protocol would be reinstated. Many DeFi initiatives fail to establish touch with the hacker or provide them with a reward and end up paying the price.

Recommended For You:

Crema Finance Temporarily Suspends Services Following an Exploit

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.