DeFi Protocol Cream.Finance Lost $ 37.5 Million Due To Exploit

Another attack on the project from the decentralized finance (DeFi) space happened this morning. As the developers of Cream.Finance reported on Twitter, they are “aware of the potential exploit and are investigating it.” While the developers continue to understand the problem, analyst Igor Igamberdiev has calculated that as a result of the attack the project lost about $ 37.5 million. habitual malicious operations with instant lending, create an imbalance of assets in liquidity pools and withdraw them.

As a result, 13.2 tokenized ethers (WETH), 3.6 million USDC, 5.6 million USDT and 4.2 million DAI were seized. From the proceeds, the attack organizer sent 1,000 ETH to the IronBank contract address, 1,000 ETH to the Alpha Homora contract address, 220 ETH to the Tornado.Cash mixer, and another 100 ETH as a donation to Tornado.Cash. The stablecoins were transferred to the Aave platform. About 11,000 ETH remain in his own wallet address at the time of publication.

Cream.Finance is a decentralized platform for peer-to-peer lending, swaps, settlements and asset tokenization. The protocol was launched using a fork of the Compound Finance codebase using elements from Balancer Labs. Among other things, it offers users the opportunity to earn their own CREAM tokens by participating in profitable farming. In mid-January, an updated version of the Cream.Finance platform called Iron Bank was released.

Against the background of today’s news, CREAM has dropped in price by 15%. On February 4, the token renewed all-time highs at $ 368, and at the time of publication is trading below $ 220.

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