Exploit Forces Crema Finance to Temporarily Suspend Services, $8.7 Million Stolen

Exploit Forces Crema Finance to Temporarily Suspend Services, $8.7 Million Stolen.

Crema Finance Vulnerability Causes Defi App to Lose Millions — 6 Flashloans Executed

Another defi protocol has lost funds to a hacker as the Solana liquidity application disclosed it was attacked on Saturday, July 2, 2022.

“Attention,” Crema Finance wrote on Saturday. “Our protocol seems to have just experienced a hacking, and we temporarily suspended the program and are investigating it. 

Updates will be shared here ASAP.”

Crema Finance is a concentrated liquidity market maker (CLMM) algorithm built on top of Solana, and the Twitter account @solanafm explained that the defi app suffered an exploit. 

Exploit Forces Crema Finance

Exploit Forces Crema Finance

“On July 2, a vulnerability in the ticks account caused an exploit on Crema Finance for a total amount of $8,782,446,” Solanafm tweeted.

“We worked closely with the Crema team alongside [Ottersec] to break down the movement of the stolen funds following the exploit,” Solanafm added. Otters are a blockchain auditing firm that has audited various blockchain intelligent contracts and infrastructure.

Solanafm says the hacker siphoned the funds via “6 flash loans on” the Solid Protocol. 

The attacker also leveraged the Wormhole Exchange to gather the stolen funds.

“Currently, all of the stolen funds are held in the hacker’s ETH wallet and [the] initial SOL wallet,” Solanafm’s Twitter thread concluded.

Otters also published a thread on the Crema Finance exploit and the flash loans. “To utilize flash loans, the attacker had to deploy their onchain program,” Ottersec said. “Unfortunately, this program was quickly closed after the exploit.”

“The flash loan calls three key instructions on the Crema contract: ‘DepositFixTokenType,’ ‘Claim,’ and ‘WithdrawAllTokenTypes.’ 

The attacker is [then] able to deposit and then withdraw the same amount of tokens while receiving additional tokens from the claim instruction,” Ottersec added.


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