Wednesday, August 10

Cream Finance plummets 34% after suffering a hack of 130 million


The decentralized finance protocol Cream Finance lost $ 130 million of the value deposited in its contract on the Ethereum network in a hack suffered yesterday. As a consequence, the CREAM token, native to the DeFi protocol, has plunged more than 34% since the attack was made known.

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Through Twitter, the developers of the protocol have confirmed the hack. Cream Finance’s official account on the social network addressed users to apologize for the unfortunate event. However, the crypto community criticized the little empathy of the developers with all those affected by the millionaire hack. Underlining the little security it offers to the funds, since it is the third time in the year that the protocol is violated.

The recent attack on the decentralized lending protocol was carried out through a flash loan; an innovative tool typical of decentralized finance, which has become a weapon against the protocols themselves. Much of the hacks that occurred in the DeFi ecosystem this year have started with a flash loan.

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Hack a Cream Finance

Cream Finance confirmed that the hack affected only the Cream V1 protocol on the Ethereum network. The rest of the funds on other blockchains are safe, it reported. The developers of the protocol also reported that the vulnerability present in the contract code was patched, to avoid further losses. Yearn Finance developers are collaborating with Cream Finance to tighten security and submit a post-mortem report on the hack, according to the protocol release. The Cream Finance platform on the Ethereum network is stopped, until its security is verified.

Currently, the funds extracted by the hacker are moving in different directions. The hacker is using cryptocurrency mixing services to obfuscate the source of the funds and prevent them from being tracked. Cream Finance is working with several researchers to provide more details about the exploited vulnerability and offer a solution to the user community.

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$ 130 million in CREAM and Ethereum tokens

The cybersecurity firm PeckShield, which reported Early in the attack, he detailed that the 130 million dollars were extracted from Cream Finance using the CREAM token and others from the Ethereum network.

So far this year, Cream Finance has suffered 3 exploits. The first, which took place in mid-February, caused a loss of $ 37 million in a combined attack involving the Alpha Homora protocol and its Iron Bank protocol-to-protocol flash lending platform. At the end of August, the DeFi loan protocol lost nearly $ 19 million as a result of a flash loan attack.

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CREAM collapses

In the last 24 hours, the value of the CREAM token has plummeted 34.3%, as data from CoinGecko indicates. The token, which was valued at about $ 155 yesterday morning, is trading at press time at 115 dollars per unit. CREAM’s market capitalization has fallen from $ 119 million to $ 78 million.

In the last year, a total of 62 DeFi hacks and exploits have occurred. Most have happened on the Ethereum blockchain, which is currently the largest DeFi ecosystem in the industry, with 273 decentralized protocols based on its network.

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