CremaFinance announced that it has successfully recovered most of the funds stolen from a hack on its accounts on Saturday. Crema achieved this in collaboration with TRM Labs, a crypto-security firm Crema decided to work with permanently.
Crema appreciated on-chain sleuths ZachXBT and OtterSec for participating in the investigation. However, ZachXBT stated that the hacker “did a relatively poor job of covering their tracks” and was busted by “two suspiciously timed Tornado withdrawals.”
Crema approached the hacker and agreed that the hacker keeps 45,455 SOL as commission, returning the rest. In exchange for immunity to further investigation by Crema. They then returned 6,064 ETH and 23,967.9 SOL.
A few crypto experts have debated that protocols’ security should rely on bug bounty programs, hostile hack management, and incentivizing hackers to capitalize on the defects in good faith.
This hack on Crema has made it drop by 69% to $3.87million. As it resulted in 69,422 SOL (about $2.2 million) and 6,064.44 ETH (approximately $6.5 million) fizzling out..
Crema team has submitted a new code base for an external audit at SlowMist, one of the blockchain security firms involved in the investigation. Currently, operations at Crema remain suspended till the completion of the audit. Remember, Binance Slashes Trading Fees to Commemorate 5th-Anniversary Celebration.