Cream Finance DeFi protocol hacked for third time $110 million – Bits Media

The third hacker attack on the Cream Finance DeFi protocol caused record losses. The project is in danger of being terminated.

Blockchain security company PeckShield has identified a large transaction involving the receipt of loans on the fast lending platform DeFi Cream Finance. Fixed
the exploit in CREAM v1 gave reason to assert, that Cream Finance suffered a third hack for an amount of more than $110 million. Cream LP tokens and other ERC-20 tokens were stolen.

According to records in the blockchain, tokens were withdrawn to two addresses in two transactions for the amounts $92 million and $23 million. Now stolen funds are split up and transferred to different wallets.

Cream Finance tweeted to users, that they are researching the exploit in CREAM v1 and will share news, as soon as they become available.

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

— Cream Finance (@CreamdotFinance) October 27, 2021

Recall, that this is not the first attack on the platform. In February, hackers took assets to $37.5 million, and in August
still on $ 25.6 million.

Unanimous opinion of Cream Finance project participants and outside observers, that the third hack is a severe blow to the reputation and financial condition of the project.

"Fool me once, shame on you. Fool me twice, shame on me. Fool me three times, shame on anyone, who fell for it after the first two times" – Twitter users comment on the event.

Against the backdrop of a successful hacker attack, the price of the CREAM token fell by 32% to $106. According to
Coinmarketcap per evening 27 October 2021 year, the value of the token begins to recover and amounts to $116.5.