Crema hackers retain $1.6M after giving back $8M in protocol

Crema hacker returns 8M keeps 1 6M in deal with protocol

TLDR

  • Crema hackers allowed to keep $1.6 million in white hat incentives after returning $8M
  • The hacker returned the resources in a collection of transactions on Ethereum and Solana networks

Crema hacker who exploited Solana’s liquidity protocol on July 2 was allowed to keep $1.6 million in white hat incentives, but he returned most of the money. The 45,455 Solana (SOL) reward is worth around 16.7 percent of Crema’s lost $9.6 million, forcing the protocol to shut down service.

The Crema staff began investigating who the hacker was after monitoring their Discord deal and the original gas supply for the hacker’s address. While it appeared the team might discover her real identity, she revealed that she was in negotiations with the culprit.

On July 6, the hacker surrendered 6,064 ether (ETH) and 23,967 SOL ($8 million), equivalent to roughly $8 million.

The hacker replaced the stolen funds in a series of transactions on the Ethereum and Solana networks. The first transaction on each network was verified with a minor amount of coins, while the next cost majority sent money.

The funds have now been secured, but the team has worked. Before the transaction, on July 5, the crew stated that it had resubmitted a new code for audit to guarantee that the same hole would not be found again.

Crema hacker takes out a team loan 

Meanwhile, while the community awaited confirmation of the attack, Crema’s staff spilled the beans on July 3. On Twitter, a discussion thread was published. The attacker took out a term loan in the Solend decentralized finance (DeFi) lending protocol, which was added as liquidity to the Crema pool.

The hacker then fudged the pricing data to make it appear like they were being rewarded far more than they should have been. This allowed them to receive a “large amount of fees” of around $9.6 million from a pool to which they added an express loan.

According to the company, the Crema protocol will be restored and launched after the audit is completed. Tweet, The team expects to release a compensation plan for affected users by July 8.

Given the catastrophe that hit Horizon’s Bridge on Crema last month, Cream is grateful to have returned the same amount. The hacker stole $100 million in cryptocurrency from the Harmony token bridge and rejected the $1 million reward as a means of return.

Dutch University to recover twice the paid BTC ransom

The police authorities have managed to solve the notorious ransomware assault, and Maastricht University (UM) will recoup nearly €500,000 worth of Bitcoin (BTC).

The ransomware attack targeted the university, seizing all of its research data, emails, and library resources. The hackers demanded €200,000 in bitcoin and the institution chose to pay it in order to avoid losing critical research data.

The Dutch Public Prosecution Service (DDPS) was able to locate one of the cryptocurrencies wallets linked with the heist in 2020 and seized cash worth €40,000 at the time.

The DPPS was able to recover the contents of the account, including nearly 20% of the stolen BTC, within two years.

More than double the amount university paid two and a half years ago, thanks to the price increase of the top cryptocurrency during the bull run in 2021, authorities have recovered the value of the part ransomed at over €500,000.

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John Lincoln

Written by John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.
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