Crema Finance lost $8.78 million worth of cryptocurrency in a hack attack. Hackers used a smart contract and used it to lend a flash loan and validate liquidity.

Highlights

Crema has asked for help as a team from relevant security agencies
hacker swapped stolen fund into SOL 69422.9 and USDCet
Crema Finance was launched this year on January

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A liquidity protocol based on blockchain, Crema Finance lost a big amount of crypto assets this weekend after a breached hack attack. Hacker used a smart technique to take out her assets, he developed a smart contract and used it to lend a flesh loans and validity liquidity.

The leaked amount was worth $7.78 million (Rs. 69 Crore) and later on, the contract was suspended to avoid the loss of more funds. The developers of Crema Finance have not disclosed the details about the breach on Twitter.

The tweet was “The hacker swapped the stolen fund into SOL 69422.9 and USDCet 6,497,738 via Jupiter. The USDCet was then bridged to the Ethereum network via Wormhole and swapped to ETH 6064 via Uniswap after that,” which was revealed by the Crema Finance team to elaborate the tweet.

The company noted “we are still open to communication with the hacker before the time window is closed. Now we are working on the technical fixing and fund tracing simultaneously. A contract will be resumed with the issue fixed after the investigation is all done and a resolvent plan is made,” said a comment.

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