Crema Finance Hacker accepts reward and returns more than $7 million of stolen funds


Earlier this week, the concentrated liquidity protocol Crema Finance, based in Solana, was subjected to an exploit. The withdrawn crypto funds were worth almost $9 million at the time of the hack. However, after long negotiations, the hacker agreed to take 45,455 SOL as the white hat bounty and return the stolen funds.

Crema Finance has confirmed receipt of 6,064 ETH and 23,967.9 SOL for Solana and Ethereum protocol wallets in four transactions. The funds returned amounted to $7.6 million at the current price. Earlier, the team stated that it would involve the police and law enforcement agencies if the criminal refused a reward of $ 800,000. The hacker then responded by saying:

"Crema team, since you are trying to contact me for negotiations, let's talk"

The hacker, however, attacked with negotiations for a much larger reward of about $1.7 million. The latest development means that Crema Finance will not sue them. The Liquidity Protocol will publish a follow-up compensation plan within the next 48 hours.

DeFi robberies have become commonplace, but not always the criminal escapes with the loot. In a similar strange incident, the Poly Network attacker returned almost all the money. A year ago, the hacker behind the biggest cryptocurrency heist of all time gave the DeFi platform access to the latest tranche of stolen funds.

According to the latest Immunefi report, the second quarter brought significant losses to the cryptocurrency, about 97% of which were the result of hacks. In the second quarter, the platform found losses of $670,698,280, which is 52% more than $440,021,559 for the same period in 2021.

Hacks in Beanstalk, Harmony Horizon Bridge, Mirror Protocol and Mei accounted for most of these funds. The report also says that black hat hackers are currently mainly targeting and using DeFi, as DeFi protocols were involved in 49 out of 50 cases.

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