The whales are angry

9 Jul 2022

Considering the recent hack of Crema Finance, a lot has been going on in its community. 

The big question was, how were they going to refund the LPs of Depositors that were affected.  Crema Finance got exploited over $8M worth of LPs and $1.5M was used to pay the hacker as a white hack bounty reward and the remaining funds were refunded to Crema Protocol.

The Crema Finance team then decided to release an article stating that LP providers were gonna be given an 84% refund of their LPs that were affected while the remaining percentage will be balanced using $CRM tokens.

To add to the above, the $CRM tokens are going to be locked for a while. This is where the large investors(Crema Finance LP Whales) got mad and came into discord to lay their complaints and emphasize the fact that Crema Finance made their decisions without a DAO and with a greedy intention.

The Crema Finance team hasn't responded yet to these, I just hope they are able to foresee that the future of any projects is in the hands of the community. 

Below is a tweet by one of the affected large depositors

What will be the possible outcome?

Write & Read to Earn with BULB

Learn More

Enjoy this blog? Subscribe to SAMMIΞ


I guess their anger is justifiable. There should be communication with the team and the affected users on the best approach to move forward
What more could the crema team expect after making such rash decision against the whales, and now the liquidity pools are so empty without funds in them, because the whales are angry
It is so sad what Crema did to them without remorse and this might just affect the Crema product in the long run. Angering the whales isn't the appropriate approach to business and Crema fucked up there