Hacker loots over $6 million

Cryptocurrency markets remain choppy hanging just below a $900 billion market cap. Bitcoin still trades below $20,000 as it still looks for a direction in the short term.

Cryptocurrency weekly returns per CoinMarketCap:

Over the weekend the markets have cooled off with decreasing volatility, but there is still plenty of negative sentiment for the near future.

CremaFinance Exploit

Crema Finance is a DeFi platform on top of the Solana blockchain that was exploited for over $6 million late Saturday night. The platform immediately halted transactions while they investigated the incident.

The attacker used complex transactions that utilized flashloans in order to take advantage of the protocol. Afterwards, the hacker moved the funds to an Ethereum wallet where they will most likely try and launder the assets through Tornado cash.

This exploit is just one of many in recent history, and similar to others, the team has reached out offering a bounty to the attacker.

CremaFinance gave the hacker 72 hours to respond to the offer and they have yet to hear a response.

Ethereum gas hits new lows

At least there are some positives of dropping prices in Ethereum, gas. Gas for each transaction has dramatically dropped over the past few months.

Peak gas prices in 2021 per transacrtion reached almost $200. Scaling has been the main issue of the Ethereum network over the past years pushing users away. Fortunately, there are several layer 2 scaling solutions such as Optimism, dydx, and Arbitrum, that are working to make Ethereum a fast scalable blockchain.

Disclaimer:Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.