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Cryptocurrency

Crypto Platform Cream Finance Loses $130m Ethereum in Hack

Crypto Platform Cream Finance Loses $130m Ethereum in Hack

  • Decentralized Finance (DeFi) platform Cream Finance (CREAM)has suffered yet another hack to its lending platform
  • On Thursday, the market suffered a loss of crypto assets worth $130 million
  • This is the third hack the platform has suffered in its history after being exploited for $36 and $29 million

Decentralized Finance (DeFi) platform Cream Finance (CREAM) has announced that its lending platform has suffered a hack resulting in the loss of funds.

Cream Finance

According to their disclosure, the attackers stole $130 million worth of ether and ERC-20 tokens.

The company said in a tweet that the attackers took advantage of a vulnerability in its system of the first version of the C.R.E.A.M. lending market.

“Our Ethereum C.R.E.A.M. v1 lending markets were exploited and liquidity was removed on October 27, 1354 UTC. The attacker removed a total of ~$130m USD worth of tokens from these market

The company revealed that the hackers made away with 2760.22 Ether (ETH) and 60 other tokens in various amounts.

It however disclosed that the vulnerability had been fixed and activities on its Ethereum-based lending markets have been put on hold.

“In the meantime, we’ve paused our v1 lending markets on Ethereum and we’re in the process of putting together a post-mortem review.”

Read also: Police Seize $2.8 Million Worth of Bitcoin From 17-year-old Scammer

The attack is not the first time that Cream Finance has lost money to exploitation.

The platform has suffered two other hacks, with a recent one in late August costing $26 million worth of Ethereum and Amp (AMP) tokens.

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