Cream Finance faces flash loan attack, exploited $115 million

DeFi protocol Cream Finance platform faced a flash loan attack and Hacker drained $115 million worth of crypto assets. 

This year crypto space grew rapidly but on the other hand, hackers only targeted Defi projects. In the latest, Cream Finance faced an attack for the third time this year.

PeckShield identified the flash loan attack that took place on Cream Finance. Hackers drained $115 million through this hacking attack. 

The hacker drained the funds with the help of two addresses. The first one includes $92 million and the second address includes $23 million. And now the whole fund is now spread in different wallet addresses. 

Most of the stolen funds were in Cream LP tokens and other ERC-20 tokens. Cream LP tokens are those tokens that pool released for the users when they deposit funds in the liquidity pool. 

Due to this flash loan attack on the Cream finance, the price of the native token Cream dropped from $152 to $111 i.e 27% dump within minutes. 

Cream Finance faces flash loan attack, exploited $115 million 1
The price of cream has dropped to $111. Source: CoinGecko.

Past DeFi attack on Cream finance

With this attack, Cream faced a total of 3 defi attacks in the whole crypto history. 

Last time it was attacked by an unknown hacker. Hackers attacked the AMP and drained around $19 million. But later Hacker returned around more than 80% of the funds. 

While in January, cream finance faced a hacking attack and lost $37.5 million. 

Defi industry needed time to evolve 

In the past, most of the Defi attacks occurred with big losses. In most cases, hackers returned funds to the developer team. 

These attacks indicate how much improvement is needed for the Defi industry. 

To avoid any kind of bug, PolyNetwork is running a bug bounty program. And also Binance Smart chain network running a DeFi bug bounty program for the white hat hackers. 

Read also: ECB Appoints 30 members for Digital Euro Project