The Crypto Twitter community decided to track down the hacker’s wallet in order to learn more about the situation while they waited for Crema Finance to report on it.
Crema Finance, a focused liquidity protocol created on the Solana blockchain, has announced that it will temporarily halt operations due to a successful exploit that has cost a sizable but unidentified amount of money.
Crema Finance immediately took action to stop the liquidity services as soon as it was made aware of the protocol breach. This was done to stop the hacker from exhausting Crema Finance’s liquidity reserves, which include the money from investors and the service provider.
Actions Taken To Address The Issue
Henry Du, one of the co-founders of Crema Finance, spoke about the problem at hand and confirmed that an investigation has been started in an interview with Cointelegraph.
He mentioned that the group is working with various security companies and that they have received assistance from a number of businesses, including Solana, Solscan, and Etherscan.
They have committed to posting any new information to their official Twitter account.
Crypto Community Comes Together to Aid
Despite the fact that the company has not yet provided an explanation based on an investigation that was ongoing at the time that this article was written, the Crypto Twitter community has taken it upon themselves to track down the hacker’s wallet and gain a better understanding of the issue.
According to reports, a member of the cryptocurrency community going by the handle @HarveyMackinto2 independently found the hacker’s wallet address.
A total of 69,422.89 Solana (SOL) tokens, worth roughly $2.3 million, are held by this specific address.
These tokens were acquired over the course of several hours, through a series of transactions.
On the other hand, the rest of the cryptocurrency community believes that the hacker is to blame for the loss of about 90% of the total liquidity held in some of Crema Finance’s pools.
Du has also confirmed that all protocol functionalities have been indefinitely suspended. The company has urged investors to check back for an update for more details.
Readers should be aware that Crema Finance is unrelated to Cream Finance, a decentralized lending protocol for decentralized finance that, like Crema Finance, lost $19 million in a 2017 flash loan hack.
