Cream Finance stolen 117 million USD, becoming the 3rd largest DeFi hack in history

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2021-10-27 20:47:07

On the evening of October 27, the Twitter social network spread information that the Cream Finance lending platform (CREAM) was once again attacked. So what happened? Let’s find out in today’s article!

Cream Finance stolen 117 million USD, becoming the 3rd largest DeFi hack in history

What happened to Cream?

On the Twitter page of PeckShield (an organization specializing in auditing DeFi products), Cream has encountered another flash loan attack.

“Cream Finance was exploited, hackers earned 117 million USD.” Peckshield said.

Reportedly, the attack was carried out using 2 transactions, taking away many of Cream’s LP tokens and other ERC-20 tokens.

According to the latest updates, the damage figure can even reach 130 million USD. On the Cream side, the project also had a tweet confirming the error in its Cream V1 version on Ethereum.

With such a large loss, Cream Finance’s latest incident has become the third largest DeFi attack in history, behind only Poly Network (POLY) in August 2021 and Compound (COMP) ) in September 2021.

“Unprecedented”

Notably, this is not the first time that this lending platform has been hacked leading to great losses. Before that, there were 2 times Cream was visited by hackers, giving the market unexpected shocks.

The first time was the vulnerability on the Alpha Finance platform (partner in the Iron Bank ecosystem) that led to extremely bad consequences for the price of Cream.

>> See more: Alpha Finance Lab – What’s in danger, what’s in muscle?

The second is errors in the system. Cream itself, resulting in an estimated $18 million in damages.

> See more: Cream Finance (CREAM) was attacked by Flash Loan, losing 18 million USD

It is worth mentioning at this time of being visited by hackers, that the amount of damage has skyrocketed to 117 million USD. Making this the 3rd largest number in the history of hacks in the DeFi array.

Cream plummeted on the floors

After the above information, Cream quickly plunged to the price area of ​​102 USD. Severity is completely recognizable, whether on a 4- or 1-hour chart.

1H chart of CREAM/USDT pair on Binance exchange at 10:15 PM on October 27, 2021

In the 24-hour range, this is a drop of approximately $275 and the selling pressure (as of press time) shows no sign of stopping. Cream sometimes even approached the price of 100 USD according to the latest updates.

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