Crema Finance DeFi Platform Hacked, Touch Loss $8.7 Million USD

Crema Finance DeFi Platform Hacked, Touch Loss $8.7 Million USD
Solana-based liquidity protocol Crema Finance lost more than USD 8.78 million in cryptocurrency stolen from its platform in an attack over the weekend. Crema Finance said it had suspended its smart contract following the attack. The protocol allows liquidity providers to set specific price ranges, add one-sided liquidity and trade range orders. "We have worked closely with several experienced security agencies and related organizations to track the movement of hacker funds," said developer Crema Finance, quoted from CoinDesk, Wednesday (6/7/2022). The value locked in Crema plunged to $3 million on Monday from more than $12 million on Saturday after the exploit, data showed. Crema has seen trading volume of $1.34 billion since it started in January. The attacker starts by creating a fake tick account. A tick account is a “special account that stores price tick data in CLMM,” says the developer, referring to Crema's market-building protocol. After that, the attacker exploits t…

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