Ethereum DeFi protocol Cream Finance hacked for $115 million

Ethereum DeFi protocol Cream Finance hacked for $115 million

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. This is the third largest DeFi hack in history, according to Rekt's leaderboard (although both of the two bigger hacks had funds returned).

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 $6 million in August.

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

© 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.

Source