Cream Finance was attacked by a flash loan and was estimated to lost approximately $18 million
According to an announcement from PeckShield, it seems that Cream Finance has just been hit by a flash loan attack. However, the project has not confirmed anything yet.
Cream Finance, another exploit?
As you can see on the data from Etherscan, Cream Finance was attacked by a flash loan and lost approximately $18 million. This is a total of 17 transactions, two attackers.
At press time, PeckShield announced the news on Twitter and tagged the project’s official Twitter account with the announcement that they had found the root cause. However, Cream Finance has not yet commented on this.
Cream Finance was founded by Taiwan entertainment star Jeffrey Huang. In February, it was attacked by a flash loan and lost $37.5 million. This causes the community to constantly question the safety of DeFi protocols.
The fact that CREAM is constantly attacked twice a year (and it is not known whether it will remain until the end of the year) can completely be a blow to Andre Cronje’s ambition to build an Iron Bank ecosystem. It is this protocol that will act as a hub to lend liquidity to other protocols, and with the continuous occurrence of exploits, investor confidence can completely be negatively impacted.
CREAM/USD 4-hour chart | Source: TradingView
At the time of writing, CREAM is dropping 7% straight after this news, changing hands at $168.55. The total damage of the hack was also estimated at $18 million. Presumably, Cream is currently working on ways to deal with damage or the root of the attack.
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