Crema Finance Hacker Accepted The Bounty, Returned $7M

The Crema Finance hacker accepted the bounty offered by the paltform and returned $7 million worth of the funds in a successful negotiation deal so let’s have a closer look today in our crypto news.

The Solana-based liquidity protocol Crema Finance suffered an attack this week which drained crypto funds worth $9 million but after a long negotiation, the hacker agreed to return $7 million of the stolen funds:

“After a long negotiation, the hacker agreed to take 45,455 SOL as the white hat bounty. Now we have confirmed the receipt of 6064 ETH + 23,967.9 SOL in four transactions. A follow-up compensation plan will be released in 48h.”

The Crema Finance hacker returned the funds and the platform confirmed the receipt of 6064 ETH and 23,967 SOL into the protocol’s wallets in four transactions. The funds amounted to $7.6 million at the current price and the team earlier said that it will even involve police and legal authoriteis if necessary if the perpetrator refuses to pay back the funds. The hacker replied by saying:

“Crema team, since you are trying to reach me to negotiate, let’s chat”

The attacker swooped in with the negotiations of a bigger bounty of $1.7 million and the latest development means that the platform will not be taking any legal action against them. The liquidity protocol will release a follow-up compensation plan in two days. DEFI heists became quite the common affair but it is not always the stories where the perpetrator does turn off with the stolen funds. In similar incidents, Poly Network’s attacker returned almost all of the money, and a year ago, the hacker behind the biggest heists of the crypto space, also returned a chunk of the stolen funds.

Q2 brought quite the losses for crypto with 97% of them being the results of a hack according to Immunefi’s reports. During the second quarter, the platform detected $670,698 worth of losses marking an increase of 52% from 2021. the hacks in Harmony Horizon Bridge, Mirror Protocol, and Beanstalk accounted for the majority of the funds. The reports said that the blackhat hackers are targeting and exploiting Defi with 50 instances involving these protocols.

As recently reported, Crypto Twitter tracked down the hacker’s wallet and gave a better understanding of the problem. Crema Finance annoucned a temporary suspension of the services after an exploit that drained some of their funds. After realizing the hack on the protocol, Crema Finance suspended the services to refrain the hacker from draining the liqudity reserves that include the funds of the service provider and the investors.