Crema Finance, a DeFi protocol on the Solana network, suffered a security breach resulting in significant losses. Reports indicate that the Solana-based concentrated liquidity protocol, Crema Finance, has lost about $8.7 million worth of assets to hackers. This incident, which occurred in the early hours of Sunday, makes it one of the largest exploits on the Solana network to date.

The $8.7 million taken highlights the ongoing risks within the DeFi space. Solana-powered liquidity protocol Crema Finance has temporarily suspended its operations following the attack, a common measure taken to mitigate further damage and investigate the vulnerability. According to the platform, Solana-based Defi platform, CremaFinance is the latest to fall prey to malicious hackers.

Preliminary analysis suggests the hacker deployed a malicious contract and used it to activate six flash loans from Solana lending platform Solend in order to add liquidity on Crema and open their positions. This allowed them to drain funds from the protocol. Crema Finance, a Solana-based protocol, suffered a $8.7 million exploit, leading to a suspension of services as they investigate and plan recovery actions.

The future of Crema Finance remains uncertain, but the team is reportedly working to identify and address the vulnerability and explore options for recovery. This attack serves as a stark reminder of the importance of robust security audits and ongoing vigilance within the rapidly evolving DeFi landscape on Solana and other blockchains.