DeFi Protocol Cream Finance Hacked for Second Time This Year
The attacked drained just over $25 million of AMP tokens and ether.
Cream Finance, a decentralized finance (DeFi) lending protocol, suffered its second flash loan attack this year, with the perpetrators draining more than $25 million.
- The attack was first reported by PeckShield in a tweet early on Monday. The blockchain security firm pointed to Ethereum records showing at least $6 million were drained at 5:44 UTC.
- Cream Finance later confirmed the hack in a tweet, adding that 418,311,571 AMP tokens and 1,308.09 ether had been stolen, bringing the total value of the hack to just over $25 million. PeckShield updated its estimate, saying the hacker siphoned off about $18.8 million.
- The root cause of the incident was lending of AMP tokens, Cream Finance Product Manager Eason Wu said on Discord. Other assets on Cream are secure, he said.
- AMP token contracts allowed for a reentrancy attack, the same type of exploit used in the infamous DAO hack.
- Flash loan attacks take advantage of one of DeFi’s most controversial features: loans that do not require collateral.
- Cream Finance lost $37 million in the attack earlier this year.
UPDATE (AUG. 30, 9:13 UTC): Updates value, adds details from Cream Finance tweet.
UPDATE (AUG. 30, 10:22 UTC) Adds updated estimate from PeckShield.
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
