DeFi Protocol Cream Finance platform faced a flash loan attack. Hacker stole $115 million of cryptocurrency assets.
The crypto market grew rapidly, however in contrast hackers targeted only Defi projects. Recently, Cream Finance faced an attack for the third time this year.
PeckShield discovered the flash loan fraud that occurred in Cream Finance. Hackers took $115 million from the hacking attacks.
The hacker took the money by using two addresses. The first address contains $92 million, while the second one contains $23 million. Now, the entire money is split into various wallet addresses.
The majority of the stolen funds were Cream LP tokens and other ERC-20 tokens. The tokens known as Cream LP are the tokens that release to the users whenever they deposit money into the pool of liquidity.
In the wake of this flash loan attack on the Cream financial institution, the cost for the token Cream decreased between $152 and $111 i.e 27% of the token was wiped out in just a few minutes.
Past DeFi attack on Cream finance
Through this attack, Cream had to face a record 3 defi attacks throughout the entire history of crypto.
The last time, a hacker who did not identify targets the AMP. Hackers took over the AMP and took about $19 million. Then, Hacker returned over 80 percent of the money.
In January, an attack was hit cream finance by hackers and lost $37.5 million.
The Defi industry required time to develop
In the past the majority of instances of Defi attacks were accompanied by huge losses. In the majority of cases, hackers refunded money to the developers.
These incidents show the need for improvement in this industry. Defi industry.
To stay clear of any security issues, PolyNetwork is running a bug bounty program. Additionally, the Binance Smart chain network running the DeFi Bug Bounty program to the hackers who are white hat.