Wednesday, October 5, 2022

Crema Finance retrieves stolen funds

Crema Finance, a Solana-based decentralized finance platform has agreed with its hacker on the return of its stolen funds.

Last week a hacker stole about $8.78 million worth of crypto using the flash loan attack tactic. But today, Crema Finance has now announced its agreement with the hacker on what amount of bounty he’ll get for his troubles. Although, the platform was compelled to shut down its liquidity services due to the incident.

Shortly after the attack, Crema Finance offered a hefty price of $800.000 to the attacker before contacting law enforcement agencies to open investigations. But ultimately, that wouldn’t be necessary as the firm has now reached an agreement with the hacker. Interestingly, the cyberpunk’s aim all along was to make more money than Crema Finance offered.  He requested for 45,455 SOL tokens (roughly $1.7 million at press time), and the bargain has now been agreed upon.

Crema will disclose how it intends to pay off the bounty within the next two days.

Crema Finance, one of many DeFi hacks

The DeFi Sector has been plagued with attacks in recent times. And one of the most common tactic hackers employ is the flash loan tactic. As blockchain analysis firm Chainalysis says, the DeFi sector lost no less than $2.2 billion to such attacks throughout 2021.

In March, Ronin’s attack saw it lose over $615 million in digital assets. And there was another attack that saw DeFi platform Elephant Money lose $11.2 million worth of Binance Coin.

More recently, $100 million worth of crypto was stolen from Harmony. And without a doubt, DeFi looks to be under siege.

Rumours have it that the famous cybercrime group Lazarus group is in connection with these attacks.  And it is also alleged that the group is strongly backed by the North Korean government.
Inspite of all of the allegations though, DeFi protocols must for future re-occurrences take crucial safeguard measures.

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