On the 3rd of July, Crema Finance gave a recap of the recent hacking affecting the protocol in a bid to be transparent with all their users and audience.
The Solana-based decentralized protocol revealed the hacker’s antics in a tweet. It was reported that the hacker initially made a counterfeit tick account.
By adding the pool’s initialized tick address to the counterfeit accounts, he then proceeded to bypass their regular owner check on the tick account. The hacker obtained a flash loan from Solana and provided liquidity to open positions on Crema. To obtain a large fee from the pool, he also substituted the real data for the transaction fee with falsified data.
Although the hacker’s identity remains unknown, investigations have taken place and are still ongoing. It was discovered that on Jupiter, the hacker converted the stolen money into 69422.9 SOL and 6,497,738 USDCet. He then used Wormhole to create a bridge between the USDCet and the Ethereum network, then Uniswap to convert it to 6064 ETH.
The hacker’s Solana and Ethereum addresses, as well as the fund have been located. Since the incident occurred, the company suspended all smart contracts. Crema finance also revealed that some other essential organizations are keeping track of the fund movement.
Further, the company revealed that they are open to communicating with the hacker. The hacker has been given a timeframe, and a peaceful agreement can be struck before the time elapses.
Unfortunately, this is happening at a prosperous time for Crema. The Solana-based DEX announced that they are simultaneously tackling the technical and financial tracing tasks. Additionally, they have assured the general public that contracts will continue after problems are resolved, billing inquiries are completed, and a resolution plan is created. The search for the hacker’s identity will continue till then.