Crema Finance, a decentralized financial platform, announced that it was hacked on Saturday and about $ 8.8 million was stolen during the attack.
and A series of tweets On the weekend of July 4, the company explained that hackers used some novel tactics to make six flash loans available, which is a common tactic for DeFi attackers.
The company said it is currently working with law enforcement agencies and blockchain security companies to track stolen funds. In total, the hacker stole 69,500 SOL. This is worth about $ 2.3 million and stablecoin is worth about $ 6.5 million.
It sent a message to hackers and offered them $ 800,000 in exchange for the return of stolen funds.
“Your addresses in both Solana and Ethereum are blacklisted and now all eyes are on you. 72 hours from now you will be in a white hat and win $ 800,000. You should consider keeping it, “the company said in a note to hackers.
“And return the rest of the money to our contract-update-authority address. Otherwise, there is endless pursuit with police and legal forces officially involved and waiting for you.”
Several blockchain security companies have shown that hackers can run exploits by uploading malicious on-chain programs and use them to deploy multiple flash loan attacks.
A flash loan attack is when a hacker uses an unsecured fast loan to target a project design vulnerability.
Flash loan attacks have become one of the most common ways for hackers to target DeFi platforms. In April, hackers stole $ 11.2 million worth of Binance Coin from the DeFi platform Elephant Money.
Cream Finance was hit by three different flash loan attacks in 2021, costing the DeFi platform $ 130 million in October, $ 37 million in February, and another $ 29 million in August.
Blockchain analytics firm Chainalysis said at least $ 2.2 billion was stolen from the DeFi protocol in 2021. Last month, the Ronin Network announced that hackers had stolen more than $ 500 million in cryptocurrencies, making it one of the biggest attacks to date.
Ronghui Gu, co-founder of crypto security company CertiK, told The Record that the flash loan attacks used by hackers in this case were in many ways concrete and surprising.
“This kind of complex exploit highlights the ever-changing frontiers of crypto security,” Gu said.
“This reminds us that hackers are always finding new ways to use old tricks. To make web3 a truly secure ecosystem, it’s not just about responding to attacks, but also about the web3 security industry and projects. Both need to be better predictable. “