Cream Hacked, $108 M stolen in Flashloan Attack

Key Takeaways:

  • Cream Finance has suffered its 3rd attack, and this time more than $130 M are lost, mostly ERC20 and LP tokens.
Cream Hacked, $108 M Stolen In Flashloan Attack

History

  • Saturday, 13rd February 2021: Here, the attacker created a contract that tricked Alpha Homora into believing it was their contract. Then the attacker utilized his access to fool CREAM Finance into lending $37.5M worth of ETH and stablecoins.
  • Monday, 30th August 2021: Here, the attacker utilized a bug in the contract for a flash loan attack. As a result of $18.8 M stolen, which comprises 418,311,571 in AMP and 1,308.09 ETH.

Present Scenario

According to Rekt’s leaderboard, this is the third-largest DeFi hack in history. Previously Poly Network suffered an attack of $611,000,000, and Compound suffered an attack of $147,000,000.

This time more than $130 M are lost. PeckShield highlighted the attack. They have posted a tweet and twitter thread. PeckShield Team identified vulnerability and detected a significant flash loan transaction utilized to carry it out. You can checkout the transaction on etherscan.

According to the transaction details, the First $92 million were transferred into one address, and the remaining $23 million were into another address. TheseThese funds are now being moved around to different wallets. Stolen funds mainly were ERC20 and LP tokens.

Latest Update

  • 08:34 PM IST, October 27th: Although the team has not posted any apology and status regarding the hack on their Telegram and Discord Channel, the team has posted a tweet regarding the same.

The team has told the users that We are investigating an exploit on C.R.E.A.M. v1 on Ethereum and will share updates as soon as they are available.

Also, read

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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)

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