Cream Finance suffers another severe flash loan attack

The attack severely compromised the funds of Cream Liquidity Provider tokens and other Ethereum-based tokens.

Among what is called the biggest theft in the decentralized financial sector, cream finance Confirmed Hackers were victims of a large flash loan exploit that stole more than $ 130 million.

This incident represents at least the third major attack on the DeFi lending protocol since the beginning of 2021.

Flash loan attack was the first Identified According to blockchain data analysis company Peck Sheild.Cream Finance tweeted later notification An Ethereum CREAM v1 exploit was being investigated.

A negative outflow from the crypto community about the inability of Taipei-based decentralized companies to protect the interests of their users has forced Cream Finance to close its forums.

The infringed funds are recognized as Cream Liquidity Provider Tokens and other Ethereum-based tokens. Cream Finance has said it has shut down the v1 lending market and is conducting a follow-up review.

This attack further reduced investor confidence in Cream Finance using the native token CREAM. Fall It has increased by more than 23% in the last 24 hours.

Cream finance was the victim of such attacks on a daily basis. Company in august Witnessed Exploit worth $ 19 million caused by Reentrant bug introduced by Amp cryptocurrency..But hackers were confident that they would return most of the stolen money

Sun Huang, general manager and vice president of SecDevOps at XREXInc, was asked about the potential return of $ 130 million of stolen funds from hackers. Forkast.News The attacker could negotiate with Cream Finance and return the funds.

“… especially when blockchain tracking techniques have become more mature and many can find hints and chase after attackers.” Huang said.

A flash loan is a type of unsecured loan that is valid within a single atomic blockchain transaction. In a flash loan attack, hackers find a way to manipulate the market and execute transactions even if the borrowed amount is not repaid in time for the protocol.