At the negotiation deal of $1.65 million as a reward, the hacker returned the whole stolen funds.
Crema Finance is a powerful decentralized liquidity protocol, which is built on the Solana blockchain. This protocol provides superior performance for both traders and liquidity providers. Last Sunday, a hacker exploited the platform via flash loan attack and stole 69,422.9 SOL and 6,497,738 USDC stablecoins, roughly $9 million worth of crypto assets.
Attention! Our protocol seems to have just experienced a hacking. We temporarily suspended the program and are investigating it. Updates will be shared here ASAP.
— CremaFinance (@Crema_Finance) July 3, 2022
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After long conversations & negotiations, the team successfully convinced the hacker to return the stolen funds. In return, the hacker was allowed to keep 45,455 SOL, approx $1.65 million.
After a long negotiation, the hacker agreed to take 45455 SOL as the white hat bounty. Now we have confirmed the receipt of 6064 ETH + 23967.9 SOL in four transactions indicated below. A follow-up compensation plan will be released in 48h.
— CremaFinance (@Crema_Finance) July 6, 2022
Last month NFT lending pool XCarnival faced an attack and in that attack, the hacker successfully grabbed around $3.8 million in ETH from the platform.
Later the hacker returned half of the stolen funds to the team and kept the rest of the ETH as a reward.
However, getting the stolen funds back from the hacker was not easy but still, the team tried its best. The team warned that it will take legal action against the exploiter.
Defi protocols need improvement
No doubt that Decentralized finance-based Defi protocols can provide decentralized services to crypto investors but at the same time, these are facing problems because of bugs.
More than 4 years have been completed, since the beginning of Defi-based platforms, but still the majority of the Defi Protocols bear bugs or some hidden technical issues. These things are showing that Defi industry needs more time to evolve into a perfect bugless protocol, where investors can ensure the safety of their funds.
Read also: El Salvador president pokes popular Bitcoin critic Peter Schiff
Crema Finance hacker returns the stolen funds to the team
https://bitcoinik.com/crema-finance-hacker-returns-the-stolen-funds-to-the-team/feed/
https://bitcoinik.com/crema-finance-hacker-returns-the-stolen-funds-to-the-team/feed/
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