The month of August has witnessed hacks in different Decentralized Finance platforms, and Cream Finance is one of the latest. This comes after an attack on the crypto exchange, Bilaxy, and Liquid. Though Liquid refused to put a figure to the amount they had lost, Elliptic claimed that the former lost $97 million to the hack. As for Bilaxy, the hacker allegedly parted away with $450 million worth of crypto.
This decentralized platform that focuses on creating innovative loan packages lost $19 million to a hacker recently. This news was announced on the Twitter account of the platform. Over 418,311,571 AMP and 1,308.09 ETH were lost in the hack.
As of the time of writing this, the identity of the hacker remains unknown, but they were able to exploit a loophole in Cream Finance’s system. The hack was a flash loan attack that was made possible when the hacker released a reentrancy bug into the platform, according to Peckshield. In its tweet, Peckshield, leading security, and audit firm analyzed what had caused the loss.
To reduce the loss of the attack, Cream Finance has placed an embargo on the borrowing and supply of AMP tokens within the ecosystem.
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