Crema Finance suspends liquidity protocol on Solana amid probe of hack 

Quick Take

  • Crema Finance, a concentrated liquidity protocol on the Solana blockchain, said it temporarily suspended services and was investigating a hack.
  • Crema said that it was working with OtterSec, a blockchain audits firm, and other experienced organizations in the investigation. 

Crema Finance, a concentrated liquidity protocol on the Solana blockchain, temporarily suspended services because of a hack that drained an undisclosed amount of funds, the company said on Twitter early this morning. 

“Our protocol seems to have just experienced a hacking. We temporarily suspended the program and are investigating it. Updates will be shared here ASAP,” Crema said. 

Several hours later, Crema tweeted that it was working with OtterSec, a blockchain audits firm, and other experienced organizations on the investigation. 

In the same thread, OtterSec said that Crema “was recently hacked for over $6M. Unlike previous attacks, this hacker used Solend flashloans to drain the pool.” 

Later yet, Crema tweeted that the "hacker’s fund movements are getting clearer. We’re connecting with all relevant organizations at the moment to get more clues. A more comprehensive summary will be given. We’ll keep you all updated." An attached tweet from SolanaFM reckoned that the hack amounted to about $8.8 million.

This story will be updated as more information becomes available.


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About Author

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.