The Ethereum (ETH) network-based DeFi platform Cream Finance has been officially hacked. The attack was initially detected and disclosed by PeckShield. The security company, which has detected important attacks before, emphasized that there was a major flash loan attack in the Cream Finance contract and pointed to transfers of millions of dollars.
Million Dollar Hit!
According to blockchain records, $92 million of funds were transferred to one address, and $23 million of funds were transferred to another address. The funds are currently being transferred to other wallets. Most of the funds are made up of Cream LP tokens and other ERC-20 tokens.
It is stated that Cream LP tokens, which are purchased when investing in the liquidity pools of Cream Finance, are the most stolen and lost assets. The CREAM price also fell sharply accordingly and dropped from $152 to $111 within minutes. CREAM is currently trading at $115 and is down 28%.
According to data released by Rekt, this is the third largest hack ever seen in DeFi history. In fact, it could even be said to be the biggest hack ever, as stolen funds were returned in the other two incidents. Cream Finance had been hacked before and lost millions of dollars in all of them.
Cream Finane, which lost $37.5 million in February and $18.8 million in August, lost a total of $500 million. It is stated that this software gap has been in the smart contract for 1 year.