crema hacker wallet

Crema Finance was the latest in a growing list of hack victims. It seems that over the past few months, amidst severe turmoil in the market, the quantity of hacks and exploits that are taking place have increased significantly. This unfortunate trend has likely been spurred on by people scrambling for money and lower crypto prices making it far less costly to take advantage of the system.

What is Crema Finance?

crema finance website

Crema Finance is a liquidity protocol built on the Solana network. The platform allows investors to provide liquidity in order to generate high returns. A couple of the platform’s main selling points are protection from impermeant loss and greater efficiency than other protocols. Crema Finance was only launched in early 2022 but it quickly garnered attention from investors resulting in the platform having over $3.5 million in total value locked at the time of writing. Crema had also just hosted a crypto presale for its own token ($CRM) just days prior to the attack.

Cryptoassets are a highly volatile unregulated investment product. 

The Crema Finance Hack

In the Crema Finance hack, an attacker was able to create a fake tick account and circumvent Crema Finance’s checks. A tick account is dedicated to storing price tick data in the concentrated liquidity market maker (CLMM) algorithm.

Following this, the hacker deployed a smart contract, using it to lend a flash loan from Solend to provide liquidity on Crema Finance. Afterwards, thanks to the faked tick account, the attacker was able to change the pool’s transaction fee and made off with a massive fee. Crema Finance then quickly suspended its smart contract but it was too little too late. The attacker then swapped the stolen funds into 69422.9 SOL and 6,497,738 ETH via Jupiter and Uniswap.

crema message to hacker

After the attack, Crema Finance was able to identify the fund and sent a message to the attacker via TX. It stated that they could keep $800,000 if the stolen funds were returned. Otherwise, Crema Finance said it would officially begin working with law enforcement and relevant organizations to trace the hacker.

It’s a dangerous time in the world of crypto. Therefore, it’s even more important to keep your funds stored securely. For concerned investors, we’ve got a great article detailing the best crypto wallets on the market.

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