Cream Finance, a decentralized lending platform, was the victim of a flash-loan attack that saw them lose $130 million in various crypto assets. This attack was the third against popular DeFi in the last year.
Cream Finance confirmed that it was the victim of a flash-loan attack on Wednesday. The attack impacted mostly Cream LP tokens as well as other ERC-20 coins. PeckShield, a blockchain security firm, was the first to report the incident. According to Etherscan data, $132 million was taken from the C.R.E.A.M. v1 marketplace on Ethereum. The flash loan cost approximately 9 ETH and involved 68 assets. At press time, the attacker now holds $92 million worth of various tokens on its contract, and $22 million are held by the contract creator’s address.#FlashLoanAlert https://t.co/XzAvHqoINN
— PeckShield Inc., (@peckshield), October 27, 2021
According to CoinGecko data, the price of CREAM fell by -27% within minutes of the attack. It was down from $152 and $111 respectively. CryptoPotato reported that the lending protocol was hacked via reentrancy on AMP token contracts. This resulted in an estimated $25 million in AMP coin and ERC-20 token losses. It is also the third largest hack in DeFi history according to some estimates. Although Rekt’s leaderboard is not updated, this hack moves EasyFi’s $59million exploit to the fourth spot. Poly Network and Compound are still the leaders.
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