Cream Finance suffered another lightning loan attack with a loss of $ 130 million, CREAM’s price dropped 30%

According to information from PeckShield, the Cream Finance log was hacked for more than $ 117 million, making it the third largest DeFi hack in history. After this news spread on Twitter and in the crypto community groups on Telegram, CREAM’s price fell 30%.

Cream Finance has encountered yet another flash credit attack

1/4 @CreamdotFinance was exploited in https://t.co/XzAvHqoINN), which brings the hacker a profit of ~ $ 117 million.

– PeckShield Inc. (@peckshield) October 27, 2021

“Cream Finance was exploited and hackers made $ 117 million,” said Peckshield.

According to reports, the attack was carried out in two transactions, in which many of Cream’s LP tokens and other ERC-20 tokens were stolen. Among other things, $ 92 million was stolen from an address and $ 23 million sent to an anonymous address. Funds are currently being rotated across different wallets. According to the latest updates, the damage amount can even reach 130 million US dollars. On the Cream side, the project has also confirmed a bug in its version of Cream V1 on Ethereum.

This is the third largest DeFi hack in history, according to the ranking of Rect. Cream Finance’s losses are just behind Poly Network (POLY) in August 2021 and Compound (COMP) in September 2021. But both projects were repaid by the hacker.

This isn’t the first time this lending platform has been hacked. Before that, Cream had been visited twice by hackers. The first was due to a vulnerability in the Alpha Finance platform, the second to errors in the project’s system, resulting in an estimated $ 18 million damage.

CREAM / USD 4H chart | Source: TradingView

According to the information above, CREAM’s price quickly plunged into the USD 102 price range. At the time of writing, this token is trading at $ 110, the selling pressure has shown no sign of ending.

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