Solana protocol CremaFinance hacked for $8.7 million

CremaFinance, a liquidity protocol on Solana, was exploited for over $8.7 million this weekend, the platform confirmed on Monday.

The hack follows an exploit within the decentralized finance platform’s tick account, Crema mentioned in an replace.

As soon as they managed to create the pretend account, the attacker was in a position to “circumvent” a routine safety verify, resulting in the withdrawal of hundreds of thousands of {dollars} in crypto.

The Solana-based protocol introduced a short lived pause to its service, noting it had initiated an investigation into the exploit with the assistance of trade’s main safety providers.

The hacker swapped the stolen fund into 69422.9SOL and 6,497,738 USDCet via Jupiter. The USDCet was then bridged to the Ethereum network via Wormhole and swapped to 6064ETH via Uniswap after that,” Crema mentioned in a tweet.

The assault on Crema is one amongst a number of DeFi assaults in 2022, with blockchain safety analytics platform Chainalysis reporting that about 97% of crypto assaults inside Q1 have been related to DeFi.

Among the many billions stolen year-to-date from protocols are excessive profile losses just like the $615 million on Axie Inifinity’s Ronin bridge; the $320 million heist from Wormhole; the $181 million Beanstalk flash mortgage assault and the $30 million hack on Optimism.

Monitoring web site REKT Database reveals over $3.6 billion has been misplaced to hackers over the previous yr, with simply over $1.1 billion returned.

by way of Cointojournal

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