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DeFi Under Attack: Cream Finance suffers another attack and loses $ 100 million



Cream Finance fell victim to another hacking attack. So far unidentified attackers stole $ 100 million from the Ethereum-based decentralized finance project.

Blockchain analytics and security company PeckShield was the first to reveal the attacker's address. Cream Finance has since confirmed that it is investigating a security vulnerability in CREAM v1 on Ethereum. An update should come as soon as it is available.

After the news was published, the price of CREAM fell. The cryptocurrency is now priced at $ 111.61, down nearly 30% in an hour.

This is not the first attack the project has seen. In August, it fell victim to another flash loan feature attack that stole $ 25 million.

The latest attack did not go down well in the crypto world. Many traders are now voicing their concerns about trading CREAM, saying that two attacks in such a short amount of time is more than a simple mistake.

One Twitter user, @skinnvaesten, wrote:

How about not using CREAM at all. First attack - okay, mistakes happen. Second Explit - didn't you learn the first time? Third exploit - severe incompetence, don't use Cream.

Another user wrote: "Looks like @creamdotfinance is dead, guys", hinting at the company's demise after the attack.

Attack Via Flash Loan Flash Loans

The attack, which took place on Wednesday, resulted in an outflow of more than $ 1 billion, making it one of the most momentous DeFi attacks to date. According to Cream's website, most of the blockchain's Ethereum pools are now completely empty.

The money was apparently stolen as part of a complex transaction. 68 different assets were involved, the attacker cost 9 ETH in transaction fees. The whole thing took place via a flash loan contract offered by Cream. The attacker's contract now includes $ 92 million in crypto-assets and the creator's address includes an additional $ 22 million.

The attacker now uses a number of services with which he conceals his identity in order to "launder" the funds. Further details are not yet known.

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