Cream Finance Hack on Move Crypto
Cream Finance has become a laughing stock after suffering frequent exploits
Crypto Obtained Following Flash Lending Attack on Decentralized Finance Protocol Financing of the cream is in motion.
The attacker traded $1.75 million worth of Ethereum (ETH) 80 RenBTC, according to data provided by smart contract audit firm PeckShield.
Smart contracts with vulnerabilities create lucrative arbitrage opportunities for hackers who can borrow lots of funds without collateral using flash loans. The entire flash loan takes place in a single transaction, which makes it an innovative concept. The high complexity of these loans makes them an attractive tool for bad actors.
Last October, the troubled Challenge protocol was drained of $136 million. The attacker managed to borrow around half a million ETH tokens to successfully drain Cream Finance. Last February, a hacker managed to make $37.5 million by carrying out a similar flash loan attack with Cream Finance.
Cream Finance has already suffered so many hacks that new flash loan attacks now seem completely commonplace.
One Twitter user joked, “If Cream Finance was a cat, it only has five lives left if my math is correct.”
At this point, many users are wondering why the protocol still has so many users after so many crippling hacks.
Back in May, blockchain detective On-chain analysis estimated that crypto lost to hacks this year topped $1.9 billion in August.
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