Hackers stole $ 130 million from Cream Finance

Hackers stole $ 130 million from Cream Finance

DeFi platform Cream Finance has been hacked again. Attackers stole about $ 130 million in cryptocurrency by exploiting a bug in the flash loan system. This term in this case refers to contracts on the Ethereum blockchain that allow Cream Finance users to take quick loans from the company’s funds and then return them.

The incident was discovered by blockchain analysts PeckShield and  SlowMist and then confirmed by representatives of the Cream Finance team.

Apparently, the attackers discovered a vulnerability in the instant loan system and used it to steal all platform assets and ERC-20 tokens.

Below is a list of stolen funds compiled by the SlowMist team.

The Cream Finance team reports that the vulnerability has already been closed, together with the developers of yearn.finance, but no details of what happened have yet been reported.

As mentioned above, this is not the first recent attack on Cream Finance. In August of this year, the platform was subjected to another attack related to a flash loan and lost $ 29 million. Even earlier, in February 2021, in another incident, Cream Finance lost another $ 37 million.

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