Crema Finance Hacker negotiates with Defi Projects team, returns $ 8 million in ETH and SOL – Bitcoin News

After the hack on July 2, 2022, the team behind the decentralized financial protocol (defi) told Crema Finance that after some negotiations, the hacker returned about $ 8 million in cryptocurrencies. According to the team, the hacker agreed to take a bounty with a white hat worth 45,455 solana.

Hacker returns $ 8 million in crypto to Crema Finance

On July 2, 2022, the defi project Crema Finance was utilized for approximately $ 8.7 million in cryptocurrencies. According to the blockchain auditing firm Ottersec, flash loan attacks were used to suck in digital currencies worth $ 8,782,446.

Crema Finans temporarily banned program and began to investigate the exploitation. On July 5, Crema Finance said the investigation was “making significant progress”.

“By tracing the original gas sources to the hacker’s address, we targeted a suspicious identity that may be related to the hacker incident. New updates will be shared after further verification, “Crema Finance so on Tuesday. Furthermore, the team of the defi project detailed that it received the response to the chain from the suspected hacker. Crema Finans noticed:

We confirm the authenticity and start the negotiation process.

A majority of $ 2 billion in crypto stolen in 2022 came from Defi Exploits

It appears that after a negotiation process and a bounty reward of 45,455 solana (SOL), the hacker returned two large sums of ETH and SOL.

“After a long negotiation,” Crema Finance explained, “the hacker agreed to take 45 455 SOL as the white hat. We have now confirmed receipt of 6,064 ETH + 23,967.9 SOL in four transactions … A follow-up plan for compensation will be issued in 48 hours. “

Decentralized financial protocols (defi) have fallen victim to a series of hacks in 2022. In the first quarter alone, $ 1.3 billion in cryptocurrencies were stolen from individuals, exchanges or defi protocols. 97% of $ 1.3 billion came from defi utilization, and during the second quarter $ 670 million was stolen from defi utilization.

A majority of the stolen crypto from Q2 2022’s defi exploitation came from four different projects, according to a report written by Immunefi. The four projects include Beanstalk, Harmony Horizon Bridge, Mirror Protocol and Fei Protocol.

Just before the announcement of the successful communication with the hacker, Crema Finance announced that they had submitted their new code base for revision to the blockchain security company Slowmist. “Crema’s protocol will go live again after the new audit is completed,” the Crema Finance team said so.

Once in a while, some defi projects are lucky and are able to negotiate with the attackers, and the hacker decides to return a fraction of or all of the stolen funds. While there have been many attempts to talk to a hacker or offer them a reward, most defi projects fail to contact the attacker and end up eating the loss.

What do you think about the hacker returning $ 8 million in ethereum and solana after being offered a bounty reward? Tell us what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is a news editor at Bitcoin.com News and a financial engineering journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols that are emerging today.