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For the third time in a row… the “Cream Finance” project was hacked and $130 million was lost

For the third time in a row… the “Cream Finance” project was hacked and $130 million was lost

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Answer For the third time in a row… the “Cream Finance” project was hacked and $130 million was lost

The team behind Cream Finance has confirmed that their decentralized financial lending and borrowing (DeFi) platform has lost $130 million in cryptocurrency after it was attacked on Wednesday.

According to the official account of the decentralized finance platform “Cream Finance” on Twitter:

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Lending Markets v1 tapped and de-liquidity took place on October 27th at 13:54 UTC.

The attack was carried out using quick loans that do not require borrowers to provide collateral as long as they repay in one block.

Exploitation of quick loans has become very common to hack the securities of DeFi platforms.

The attacker withdrew $92 million worth of cryptocurrency to one crypto address, then the same attacker withdrew $23 million to another address, along with some other small transactions.

After that, the funds were transferred to multiple other wallets.

According to security firm Peckshield, the attacker made an estimated $117 million in profit from the attack.

Most of the stolen funds were in the form of the digital token “Cream LP” and a host of other ERC-20 tokens.

In addition, the incident caused the value of the cryptocurrency “CREAM” to drop dramatically by more than 25 percent in the past 24 hours.

The team behind the DeFi project confirmed that they are now identifying and fixing vulnerabilities in the protocol.

One of the biggest hacks in the decentralized finance arena:

The latest attack on “CREAM” is the third attack on the platform, but it is the largest in terms of the amount of money stolen.

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in February Project “Cream Finance” was hacked An estimated $24 million was stolen. By the end of August, the platform had lost more than 418 million AMP, the original coin of the “Flexa” project, and an additional 1,308 Ethereum in another attack. At the time of the theft, the value of the stolen cryptocurrency was about $25 million. .

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