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Series A | Alive

Total Raised


Last Raised

$3.54M | 1 yr ago


CREMA is an AI-powered e-commerce and data analysis solution that supports online store operators and helps them to increase customer retention.

CREMA Headquarters Location

South Korea

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Latest CREMA News

Solana DeFi Protocol Crema Finance Loses $8.8 Million in Flash Loan Attack

Jul 6, 2022

Read full article ·2 min read ETH-USD Don't miss CoinDesk's Consensus 2022 , the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12. Solana-based liquidity protocol Crema Finance had more than $8.78 million worth of cryptocurrencies stolen from its platform in an attack over the weekend, developers said in a tweet . Crema said it had suspended its smart contract after the exploit. The protocol allows liquidity providers to set specific price ranges, add single-sided liquidity and conduct range order trading. This makes for a sophisticated and decentralized trading platform. “We've been closely working with several experienced security institutes and relevant organizations to track the hacker's fund movements,” the developers said in a tweet. Value locked on Crema plunged to $3 million on Monday from over $12 million on Saturday following the exploit, data shows . Crema has seen trading volumes of $1.34 billion since its inception in January. The attacker started by creating a fake tick account. A tick account is "a dedicated account that stores price tick data in CLMM,” the developers said, referring to Crema's market making protocol. After that, the attacker exploited a command by writing the data on the fake account and circumventing security measures. This content is not available due to your privacy preferences. The attacker then used a flash loan to manipulate the prices of assets on liquidity pools. This, along with the false data entries, allowed the attacker to claim “a huge fee amount out from the pool.” Flash loans allow traders to borrow unsecured loans from lenders by relying on smart contracts instead of third parties. The stolen funds were swapped to 69422.9 solana ( SOL ) and 6,497,738 USD coin (USDC). The Solana-based USDC was then bridged to the Ethereum network via Wormhole and swapped to 6,064 ether ( ETH ). These funds amount to over $8.5 million at current prices. The attacker’s Ethereum address, 0x8021b2962dB803b73Aa874030B0B42c202E8458F as flagged by blockchain scanning tool Etherscan, had not moved the stolen funds or converted to other coins at writing time, the data show. Advertisement 2d ago STORY: The European Union has reached a provisional deal on rules to regulate the crypto market.The landmark law, known as Markets in Crypto-Assets, is the world’s first set of comprehensive rules to regulate a market that has been described as the “Wild West.”{TITLE} What are the new rules?Under the new rules, crypto firms that want to issue and sell digital tokens in an EU state will now have to obtain a license from a national regulator.The license will allow operators to serve the whole 27-country bloc from one base,and be liable for losing cryptoassets from consumers’ digital wallets.Currently, firms have to show an EU national regulator they have adequate controls to stop money laundering - but can only operate within that country. {TITLE} How will the rules work?Stablecoins are crypto pegged to traditional currencies or commodities that aims to keep a steady value.The EU rules will give holders of stablecoins the right to claim their money back free of charge.Issuers will have to hold minimum levels of liquidity and will be overseen by the EU’s European Banking Authority.Crypto firms will also have to have a registered office in the bloc to issue stablecoins, and coins based on non-European currencies will be constrained to preserve “monetary sovereignty.”Industry officials say it will become harder to make money under these rules.As for NFTs - or non-fungible tokens - it’s more complicated.Lawmakers wanted NFTs under the new rules, but EU states opposed it.That led to a compromise where NFTs are not included in the rulebook, but if they become fungible - i.e. mutually replaceable - regulators can force them to comply with crypto rules.The European Commission will assess within 18 months whether standalone rules for NFTs are needed. {TITLE} Crypto and climate changeBitcoin's energy use is a big worry for lawmakers.Crypto firms will have to disclose their impact on the environment and climate change, using standards that the EU securities and markets watchdog will draft.The rulebook still needs formal rubber-stamping by EU states and the European Parliament before it comes into effect,which is likely to be in 2023 at the earliest. 22h ago

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  • What is CREMA's latest funding round?

    CREMA's latest funding round is Series A.

  • How much did CREMA raise?

    CREMA raised a total of $3.54M.

  • Who are the investors of CREMA?

    Investors of CREMA include SV Investment and Bass Investment.

  • Who are CREMA's competitors?

    Competitors of CREMA include Bereview.

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