Cream Finance DeFi Project Falls Victim To A $25M Flash Loan Exploit

Cream Finance Defi project falls victim to a $25 million flash loan exploit involving Ampleforth’s AMP governance token, as we are reading more in our latest altcoin news.

Lending and borrowing Cream Finance DeFi project falls victim to a large, multi-million dollar exploit worth $25 million as the attacker drained Ampleforth’s AMP token and 1308 Ethereum. The total sum amounts to $25,678,948 but the price of AMP already dropped by more than 15% at press time according to CoinGecko. The attackers’ address shows that they could have about $18 million now. The Cream Finance team stopped more losses by pausing supply and borrowing on AMP.

1/4 @CreamFinance was exploited in (one hack tx: https://t.co/JPW7e368qd), leading to the gain of ~$18.8M for the hacker.

— PeckShield Inc. (@peckshield) August 30, 2021

The Cream Finance DeFi platform allows users to earn interest on their idle cryptocurrencies and unlike Platforms such as Compound, Aave, and others, Cream has more markets for more esoteric cryptos while itself being a fork of the Compound code base. PeckShield, the crypto security company explained that the hacker was able to make 500 ETH flash loan which was used to exploit the “reentrancy bug” found in the Ampleforth smart contract.

C.R.E.A.M. v1 market on Ethereum has suffered an exploit, resulting in a loss of 418,311,571 in AMP and 1,308.09 in ETH, by way of reentrancy on the AMP token contract.

We have stopped the exploit by pausing supply and borrow on AMP. No other markets were affected.

— Cream Finance 🍦 (@CreamdotFinance) August 30, 2021

Back in February we reported, CREAM finance was exploited recently and as a result, the price for the token dropped by 30% in less than a few minutes. The popular DeFi protocol CREAM Finance was exploited which eventually resulted in the token price dropping by 30%. The protocol is one of the more popular projects in the field for Decentralized Finance and it was exploited today with the price of the token crashing a few minutes after the news broke out. The official Twitter account of CREAM finance revealed the news.

Also, Tether is the company behind the biggest stablecoin by means of total market cap, announced that CREAM Finance becomes the first Defi protocol that supports Tether’s EURO stablecoin. As per the recent release, CREAM Finance is a well-known Defi protocol that became the first to integrate the EURt stabelcoin into the lending platform. All users on the platform will being able to access EURt for lending and borrowing but they can also do that by using Tether’s USDT. CREAM Finance will be the first DeFi platform to offer EURt to users in the DeFi space and users on the platform will obtain access to the coin for lending and borrowing markets amid the increasing demand for euro pegged stablecoin in the DeFi space. Users can obtain access to TEther tokens pegged to USD on the platform. The EURt is a stablecoin that tracks the price of the Euro.