Cream Finance Suffers ANOTHER Flash Loan Attack
Market Musings

Cream Finance Suffers ANOTHER Flash Loan Attack

Transactions on Etherscan.io suggest that malicious actors moved $92 million into one address, and $23 million into another.

Cream Finance Suffers ANOTHER Flash Loan Attack

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Cream Finance has fallen victim to yet another flash loan attack.

Transactions on Etherscan.io suggest that malicious actors moved $92 million into one address, and $23 million into another.

From here, the funds are now being distributed to an array of other wallets.

Cream liquidity pool tokens were affected, alongside a plethora of other ERC-20 tokens.

Not only is this believed to be one of the biggest DeFi hacks ever recorded, but it’s also the third time that Cream Finance has fallen victim to one of these attacks so far in 2021.

If the funds don’t end up being returned, it’ll mark the biggest loss seen in a protocol ever.

In a statement on Twitter, the protocol said: 

“We are investigating an exploit on C.R.E.A.M. v1 on Ethereum and will share updates as soon as they are available.”

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CREAM Creamed

Wednesday was already a bad day for the crypto markets, but news of the flash loan exploit caused CREAM to fall off a cliff.

The token had been trading for about $152, but suffered a rapid decline to lows of $106 in the space of an hour — down 30%.