Crema Finance, a concentrated liquidity protocol built on the Solana (SOL) blockchain, has lost over USD 8.7m worth of crypto assets in a flash loan attack that drained its liquidity reserves.
The protocol's official Twitter account confirmed the hack on Sunday and announced the temporary suspension of the service as they started an investigation.
"Our protocol seems to have just experienced a hacking," Crema Finance's Twitter account said. "We temporarily suspended the program and are investigating it. Updates will be shared here ASAP."
In an update, the team explained that the hacker started by creating a fake tick account, which is a dedicated account that stores price tick data in a concentrated liquidity market maker (CLMM). Subsequently, they were able to sidestep the routine "check" process by "writing the initialized tick address of the pool into the fake account."
The hacker then deployed a contract that allowed them to lend a flash loan from borrowing and lending service...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...