Crema Finance, a new liquidity aggregator on Solana has just been ‘visited’ by hackers, total losses estimated at $8.7 million.
On the morning of July 3, Crema Finance issued an urgent notice about the hacker attack on the social network Twitter. Because of this incident, the Solana has had to suspend all operations to resolve the issue. According to initial estimates, the damage of the incident could be up to 8.7 million USD.
Currently Crema Finance is still working to fix the vulnerability, while working with a number of stakeholders such as Solana or Etherscan.io to mark the hacker’s wallet ( Ethereum 0x8021…) and trace the cash flow. .
In addition, Crema Finance announced that it will give hackers 72 hours to send back the stolen money, and keep $ 800,000 as a reward for finding bugs, otherwise it will be thanks to legal intervention.
After the attack, Crema Finance’s TVL (Total Value Locked – the total value of locked assets of a DeFi ) was quickly reduced. Specifically, Crema Finance’s current TVL is at less than $3.9 million, only about 31% of TVL before the hack was announced.
Crema Finance is a fairly new liquidity aggregator project on Solana. Considered to have great potential, the hack showed that the project had a fatal flaw and could create a persistent “bad reputation” later on.