Ethereum DeFi protocol Cream Finance hacked for $115 million

Oct 27, 2021 | The Block News | 0 comments

DeFi protocol Cream Finance has been hacked for $115 million. The exploit was highlighted by PeckShield, who identified a large flash loan that was used to carry it out.

According to blockchain records, $92 million was stolen into one address and $23 million into another — although the funds are now being moved around to different wallets. This is the third largest DeFi hack in history, according to Rekt’s leaderboard (although both of the two bigger hacks had funds returned).

The funds stolen were mostly in Cream LP tokens and other ERC-20 tokens. Cream LP tokens are tokens you receive when you deposit funds into the Cream pools.

Cream Finance is a decentralized lending protocol built on the Ethereum blockchain. The protocol has notably suffered multiple flash loan attacks in its history, losing $37.5 million in February and then another $18.8 million in August.

This will bring the total amount of funds stolen in DeFi attacks above $500 million (graph not yet updated).

This story is breaking and will be updated.

For more breaking stories like this, make sure to follow The Block on Twitter.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

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