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Lending Platform Cream Finance Suffered The Loss In Flash Loan Attack
On Wednesday Decentralized finance (DeFi) money market and lending platform Cream Finance which works on the Ethereum network has been hacked losing over $130 million worth of funds.
This is the third-time DeFi protocol that has been hacked. The attacker drained this amount through a large flash loan in a complex transaction that includes 68 different assets and cost more than 9 ETH in gas. This flash loan was first identified by Blockchain data analytics company PeckShield Inc. on Wednesday. The Compromised funds were mainly Cream liquidity provider tokens, along with Ethereum-based platform tokens. Cream Finance would be one of the largest latest exploits.
This attack leads to CREAM fluctuating by 28%. The chair of the Securities and Exchange Commission, Gary Gensler, is supporting greater consumer protection in the DeFi industry. He said, “There’s a lot of lending going on. There’s a lot of trading going on. And without protection, I fear that it’s going to end poorly,”. Now the hacker is mainly using Ren’s Bitcoin bridge to work on ‘wash’ the funds.
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