It appeared that Cream Finance was hacked, with 13,000 ETH losses and CREAM plunged about 30%
Recently, on Twitter’s social network, there was information about the Cream Finance (CREAM) system that had just been hacked, causing the community to constantly raise big questions about the safety of DeFi protocols.
It appeared that Cream Finance was hacked, with 13,000 ETH losses
Larry Cermark – head of research at The Block news site – recently tweeted about the suspicion of Cream Finance being hacked again:
Check this transaction https://t.co/GVRLMh95wY
— Larry Cermak (@lawmaster) February 13, 2021
It is reported that the attackers used a smart contract with the address “0x560a8e3b79d23b0a525e15c6f3486c6a293ddad2” to attack the operating contract of Iron Bank – a new lending platform launched by Cream not long ago.
Transactions to attack the system are also continuously being shared on Twitter. According to the transaction, 13,000 ETH was withdrawn from the Cream Finance platform and transferred to an anonymous wallet.
Previously, Cream Finance was also attacked in September 2020. After the attack, CREAM’s staking services even had to be suspended and the CREAM management token’s price plummeted 70% within 3 days.
At the time of writing, CREAM has plunged about 30% in just 24 hours. This governance token is currently priced at $ 225.
The attack of CREAM could be a blow to Andre Cronje’s ambitions to build the Iron Bank ecosystem. It is this protocol that will act as the hub for lending liquidity to other protocols, and with ongoing exploits, investor confidence can be negatively affected.
— Cream Finance ? (@CreamdotFinance) February 13, 2021
Cream Finance’s Twitter page has also spoken out about the incident, saying the team is investigating the attack. The latest information will be updated to you by AZCoin News.
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