Solana-based liquidity protocol cremafinance chopped for $ 8.7 million

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Von: Krypto News Österreich

Chain analysis of crypto analysis
  • hacker attacked the cremafinance liquidity pools at the weekend and forced the protocol to pull the plug
  • The incident is the youngest in a series of exploits that have plagued the struck decentralized financial sector this year

The CREMAFINANCE based on Solana is the latest defi platform (decentralized finances) that has fallen victim to hackers.

First on Saturday that the service was temporarily discontinued and the exploit, which is assumed that it included more than $ 6.4 million in digital assets at that time.

This number was later revised to over $ 8.7 million, said Solana Blockchain-Explorer Solanafm in A Twitter . The hacker took advantage of a weak point in the log account of the protocol, said Cremafinance.

A tick is a dedicated account that stores price-stick data from a centralized liquidity marketmaker (CLMM). In defi, CLMMS usually calculate transaction fees based on data in the tick account.

In the case of cremafinance, the authentic transaction dates were replaced by the hacker's fake data. This made it possible for the attacker to request a "huge amount of fee" from the liquidity pool of cremafinance, which led to epic losses.

The hacker used a malicious contract and thus activated six flash loans from the Solana credit platform Solend to add crema liquidity and open their positions, said cremafinance.

Millions of dollars in various cryptocurrencies, including Tether and Lido Staked Solana, were captured. Stolen funds are kept in the hacker's Ethereum and Solana money exchanges, which have been marked since then Solanafm . Cremafinance still has to confirm exactly how much crypto has remained in his pools.

The company Collection round collected $ 5.4 million. Cremafinance should not be confused with Defi Cream, which suffered several “Flash-Loan-Exploits” last year, including a $ 130 million hack in October.

But the incident is the youngest in a series of defi exploits that plagued the sector this year. Last month, a hacker stole 20 million governance tokens of the Ethereum scaling solution Optimism in the value of around $ 30 million at the time, which were intended for a loan of the Great Market Makers Wintermute.

In the same month, the Smart Contracts platform Elrond Network was witness $ 4 million branched off.

Nevertheless, this fade compared to the 320 million hack of the Digital Asset Bridge Wormhole in February and the $ 625 million attack on the Ronin Bridge of Axie Infinite in April-the two largest defi theft so far.

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The contribution Solana-Based Liquidity Protocol Cremafinance Hacked for $ 8.7m is not a financial advice.