DeFi Cream Finance Protocol Hacked For Third Time For $ 110 Million

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The third hacker attack on the DeFi Cream Finance protocol caused record losses. The project is under the threat of termination of activities.

Blockchain security firm PeckShield has identified a major loan transaction on fast lending platform DeFi Cream Finance. The recorded exploit in CREAM v1 gave grounds to assert that Cream Finance was hacked for the third time in the amount of more than $ 110 million. Cream LP tokens and other ERC-20 tokens were stolen.

According to the records in the blockchain, tokens were withdrawn to two addresses in two transactions for the amount of $ 92 million and $ 23 million. Now the stolen funds are split and transferred to different wallets.

Cream Finance tweeted users that they are investigating an exploit in CREAM v1 and will share the news as soon as it becomes available.

As a reminder, this is not the first attack on the platform. In February, hackers withdrew assets for $ 37.5 million, and in August for another $ 25.6 million.

The unanimous opinion of the participants in the Cream Finance project and outside observers that the third hack is a severe blow to the reputation and financial condition of the project.

“Fool me once, shame on you. Fool me twice, shame on me. To deceive me three times, shame on anyone who fell for it after the first two times, ”- Twitter users comment on the event.

Amid a successful hacker attack, the price of the CREAM token fell by 32% to $ 106. According to
Coinmarketcap on the evening of October 27, 2021, the value of the token begins to recover and is $ 116.5.

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