Cream Finance suffered another exploit, this time for more than $130 million, CREAM dropped over 30%

Cream Finance has been hacked for over $130 million. The mining was flagged by PeckShield, who identified a large instant loan transaction used to execute it.

Ethereum DeFi protocol Cream Finance hacked for more than $130 million

Cream Finance, founded by Jeffrey Huang, was attacked by flash loan again, and the loss amounted to more than $100 million. The project has been attacked many times before.

Reportedly, $92 million was stolen to one address and $23 million to another, among other funds. The funds are currently being moved to different wallets. This is the third-largest DeFi hack in history, according to Rekt’s rankings. However, both of the larger hacks have been paid back.

The funds stolen were mostly in Cream LP tokens and other ERC-20 tokens. Cream LP tokens are tokens you receive when you deposit funds into the Cream pools.

Cream Finance is a decentralized lending protocol built on the Ethereum blockchain. As AZCoin News reported, the protocol has notably suffered multiple flash loan attacks in its history, losing $37.5 million in February and then another $18.8 million in August. This would bring the total amount stolen in DeFi attacks to over $500 million.

cream-finance-suffered-another-exploit-this-time-for-more-than-130-million

At the time of writing, CREAM is changing hands at $113, down from $159 to $110.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS