Cream Finance Loses $25 Million To A Flash Loan Attack
PeckShield reported through a tweet of the new hack on Cream Finance. The blockchain security company said a flash loan attack on the decentralized finance lending and borrowing protocol. #FlashLoanAlert https://t.co/JPW7e368qd — PeckShield Inc. (@peckshield) August 30, 2021 PeckShield explained that the hacking came through a 500 Ethereum flash loan from the attacker. This was used to infiltrate a reentrancy bug in the smart contract of the Flex Network. Usually, flash loans being undercollateralized can be borrowed and repaid within a single transaction. Related Reading |....
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Cream Finance is the latest Ethereum DeFi protocol to suffer another hack. The attackers had used a flash loan attack and made away with $130 million. Cream Finance confirmed the attack via a Twitter post where the project revealed that they were investigating the cause of the hack. The exploit had exposed vulnerabilities in the […]
Malicious actors continue to target decentralized finance projects for their exploits. On Wednesday, a major DeFi lending platform suffered a flash loan attack. Decentralized lending platform Cream Finance appears to have suffered a severe exploit on Wednesday, with an attacker stealing over $100 million worth of funds through a large flash loan attack. Blockchain data analytics company PeckShield first identified the flash loan on Wednesday. The compromised funds were mainly Cream liquidity provider tokens, as well as other Ethereum-based tokens.#FlashLoanAlert....
Cream Finance has identified the AMP integration error that caused a nearly $19 million loss for the protocol and aims to pay users back. Decentralized finance (DeFi) protocol Cream Finance will pay back its users following a $18.8 million flash loan hack that occurred on Aug. 30.Cream has published a post-mortem to the AMP flash loan exploit, promising to replace the stolen Ether (ETH) and Amp (AMP) tokens by allocating 20% of all protocol fees until the debt is paid entirely. Cream will also post collateral with relevant parties at AMP and its creators, Flexa digital payments network, to....
Cream Finance is a decentralized finance protocol to repay users for the flash loan hack on its platform. The hack of nearly $19 million occurred on Aug 30, 2021. Cream Finance puts news of a post-mortem to the massive exploitation of the AMP flash loan. The protocol promises to repay the stolen Amp (AMP) and Ether (ETH) coins. It plans on footing its promise by allocating 20% of all the protocol fees until the debt is fully paid. Furthermore, the protocol will post collateral with the pertinent parties at AMP. It will also involve the Flexa digital payments network, the creators, for the....
Following the Cream Iron Bank flash loan attack, preliminary findings of a probe have shown that contracts and markets still function normally. As a result, markets have now been re-enabled while the asset borrowing function has been paused. The Cream team also reveals that investigations are continuing. The Exploit After the exploit, the value of the Cream protocol token plummeted from just over $280 on February 12 to $186.48 24 hours later. At the time of writing, Messari data shows that the token had recovered although it has remained mostly under $230. Meanwhile, in his analysis of....