Cream Finance Continues To Be A Victim Of Flashloan Attack After $130M Damage

Cream Finance continues to fall prey to the recent flashloan attack when it was discovered that an address swapped 1000 ETH into 80 renBTC. Last October, the platform also lost more than 130 million dollars to this attack method.

The assailant swapped $1.75 million worth of Ethereum (ETH) 80 RenBTC, according to data provided by smart contract auditing firm PeckShield.

When smart contracts have flaws, hackers can take advantage of profitable arbitrage opportunities by using flash loans to quickly borrow large sums of money without having to put up any security.

It is a revolutionary idea because the full flash loan occurs in a single transaction. Due of their high level of sophistication, these loans are a popular tactic among hackers.

The troubled DeFi protocol lost more than $130 million in October of last year. In order to deplete Cream Finance, the attacker was able to successfully borrow 500,000 ETH tokens.

A hacker who used Cream Finance to carry out a similar flash loan assault last February was able to make $37.5 million. Since Cream Finance has previously been the victim of so many hackers, new flash loan attacks now seem perfectly routine.

Cream Finance has become the subject of ridicule after being regularly exploited. At this point, many users are wondering why the protocol still has many users after many hacks.

It seems that the price of CREAM is not affected by the above information, the price of CREAM still increased sharply to reach 18.15% within 24 hours. Currently CREAM is trading at $21.

Cream Finance is a decentralized Lending/borrowing and Exchange platform combined with Liquidity mining. Cream is one of the long-established projects in the Lending segment. Since the idea originates from Compound, the way it works is also quite simple, which is to act as an intermediary between borrowers and lenders.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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