The altcoin project Cream Finance (CREAM), which has been hacked many times, has suffered more than $130 million in losses. The attack is reported by PeckShield. Here’s what happened…
Altcoin Cream Finance hacked more than $130M
Altcoin Cream Finance, founded by Jeffrey Huang, was attacked by instant loan, with losses exceeding $100 million. The project has been hacked many times before. Reportedly, $92 million was transferred to one address and $23 million to another address, among other funds. Funds are currently being moved to different wallets. This is the third largest DeFi hack in history, according to Rekt’s ranking. However, both of the larger hacks have been paid back.
The stolen funds were mostly focused on the Cream LP token and other ERC-20 tokens. Cream LP tokens are rewards you get when you deposit into Cream pools. Cream Finance is a decentralized lending protocol built on the Ethereum Blockchain. Cryptocoin. com
As we quote , the protocol has experienced multiple flash credit attacks in its history, losing $37.5 million in February and then another $18.8 million in August. This brings the total amount stolen in DeFi attacks to over $500 million.
CREAM price crashed after the attack
After PeckShield announced the trades, the CREAM price crashed and created the chart below. It is currently trying to hold on at 26% daily loss.