DeFi Platform Loses $130,000,000 in Attack That Cost Over $37,000 in Ethereum Fees

Decentralized Finance (DeFi) platform Cream Finance (CREAM) says that its lending market suffered a hack resulting in the loss of crypto assets worth approximately $130 million.

Cream Finance says in a tweet that the attacker exploited a vulnerability in the first version of the C.R.E.A.M. lending market platform.


“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 markets…

No other markets were impacted.”

The attacker made away with 2760.22 Ether (ETH) and 60 other tokens of varying amounts and value, according to blockchain security firm SlowMist.

The Cream Finance says it has now fixed the vulnerability and paused activity on its Ethereum-based lending markets.

“With the help of friends from iearnfinance and others in the community, we were able to identify the vulnerabilities and patch them.

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.”

According to blockchain security firm BlockSec, the attack involved several transactions and incurred total gas fees of approximately 9.16 ETH. At the time of writing, ETH is trading at around $4,150 per CoinGecko, translating to a transaction fee of about $37,556.

The total value locked on Cream Finance is currently $1.36 billion, according to analytics platform DeFi Llama.

This attack is not the first time Cream Finance has suffered a security breach resulting in the theft of funds. In late August, the platform was hacked for Ethereum and Amp (AMP) tokens worth around $26 million at the time.

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