The Cream Finance DeFi protocol was hacked for more than $130 million. The price of CREAM fell by 30%.
The attack was reportedly carried out through an instant loan using two complex transactions, during which Cream LP tokens and other ERC-20 tokens were stolen.
The vulnerability allowed all funds to be withdrawn from lending pools. The attacker now holds $92 million worth of tokens, and $22 million has already been sent to an anonymous address. Currently, funds continue to be transferred to different wallets. According to the latest data, the damage could reach 130 million US dollars.
This is the third-largest DeFi hack in history, according to Rect. Cream Finance's losses are slightly lower than those of Poly Network (POLY) in August 2021 and Compound (COMP) in September 2021. This is not the first time Cream Finance has been hacked. The platform had been hacked twice before.
After the publication of the news, the price of CREAM dropped by 30% to $102.
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