Hackers Steal $3.26 Million Worth of Ethereum From CreamFinance

Key Points:

• Data from blockchain analytics company Glassnode shows that an anonymous address identified by CreamFinance as an exploiter transferred 365.7 Ethereum, equivalent to almost $600,000, to the cryptocurrency exchange TradeOgre.
• The specifics of the exploitation and the identity of the perpetrators are yet unknown, and CreamFinance, the targeted decentralized finance (DeFi) network, has not yet issued a statement on the subject.
• This instance shows how openly exploitable DeFi platforms are, as well as how users may suffer substantial financial losses. It also calls into question the safety and control of decentralized systems.

Data from blockchain analytics company Glassnode shows that an anonymous address identified by CreamFinance as an exploiter transferred 365.7 Ethereum, equivalent to almost $600,000, to the cryptocurrency exchange TradeOgre.

This is the most recent in a string of significant transfers from the address, which has reportedly given TradeOgre 2,070 Ethereum for a total of about $3.26 million since January 9, 2023.

Hackers on CreamFinance try to sell off assets

The specifics of the exploitation and the identity of the perpetrators are yet unknown, and CreamFinance, the targeted decentralized finance (DeFi) network, has not yet issued a statement on the subject. Large transfers to TradeOgre, however, may indicate that the exploiters are making an effort to liquidate their illegal gains.

Users of the TradeOgre cryptocurrency exchange platform can buy, sell, and trade digital assets including Bitcoin, Ethereum, and Litecoin. It is regarded as a decentralized exchange, and opening an account does not require any personal information.

This instance shows how openly exploitable DeFi platforms are, as well as how users may suffer substantial financial losses. It also calls into question the safety and control of decentralized systems.

In order to safeguard users’ assets and foster ecosystem trust, platforms must place a high priority on security and transparency as the DeFi market continues to gain popularity and draw more users and investments. Authorities and blockchain analytics companies must also keep an eye out for any abuses and act fast to prevent any financial losses.

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

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