Crema Finance Receives $7.6 Million Worth Stolen Crypto Back From Hacker

Crema Finance Receives $7.6 Million Worth Stolen Crypto Back From Hacker

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Crema Finance Receives $7.6 Million Worth Stolen Crypto Back From the Hacker

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On Sunday, a flash loan exploits affected Crema Finance, a focused liquidity protocol on Solana. At the time of the hack, the losses were 69,422.9 SOL and 6,497,738 USDC stablecoin, or almost $9 million.

Crema Finance has provided an update stating that the attacker has settled up and repaid the assets that were taken. Crema Finance verified that the hacker made four transactions totaling 6,064 ETH ($7 million) and 23,967 SOL ($870,000) into the team’s Solana and Ethereum wallets.

👉After a long negotiation, the hacker agreed to take 45455 SOL as the white hat bounty. Now we have confirmed the receipt of 6064 ETH + 23967.9 SOL in four transactions indicated below. A follow-up compensation plan will be released in 48h.

— CremaFinance (@Crema_Finance) July 6, 2022

Crema Finance allowed the hacker to keep 45,455 SOL

The hacker was allowed to possess 45,455 SOL ($1.65 million) as a bounty prize under the terms of the contract. The team has branded the offender as a “white hat,” a term used to describe morally upright hackers. It follows that Crema Finance is unlikely to pursue charges against the as-of-yet unidentified hacker.

“After a long negotiation, 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.”

Crema Finance Team

The team had attempted to reach an agreement with the hacker after the attack by sending an on-chain message with a bounty offer. The hacker responded the following day with an on-chain message that read: “Crema team since you are attempting to contact me to negotiate, let’s speak.”

The team tweeted that the Crema procedure will be operational after the audit was over. By July 8, the group will also release a compensation scheme for impacted users.

Given the tragedy that struck the Horizon Bridge on Harmony last month, Crema is fortunate to have collected as much money as it did. From Harmony’s token bridge, a hacker took $100 million in cryptocurrency, and they declined the $1 million white hat reward to return the money.

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