Crema Finance suspended all operations due to hack

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The developers of the decentralized finance (DeFi) project Crema Finance on the Solana blockchain reported a hack, in connection with which the provision of services was temporarily discontinued.

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According to the project team, the incident is now being investigated and possible losses are being established. To do this, the developers are collaborating with OtterSec, a blockchain security company.

According to OtterSec, the hackers managed to withdraw more than $6 million from the project. To attack, the attackers used instant loans through the Solend project. Computer security specialists reported:

“Unlike previous attacks, the attacker used instant loans on the Solend project to empty pools. The hacker posted his own project on the Solana network. Unfortunately, the smart contract was quickly removed. The attacker used three instructions: DepositFixTokenType, Claim and WithdrawAllTokenTypes. First, he deposited tokens. He then applied Claim and WithdrawAllTokenTypes at the same time, thus doubling the tokens in his wallet.”

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Later developers of Cream Finance reportedthat the attackers withdrew $8.8 million from the project.

Recall that earlier the Horizon bridge between the blockchains of Ethereum, Binance Chain and Bitcoin, launched by the Harmony One project, was hacked. Hackers stole $100 million worth of tokens.

Source: Bits

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