Name Price24H (%)
Bitcoin (BTC)
$61,004.00
-2.06%
Ethereum (ETH)
$3,895.14
0.61%
Binance Coin (BNB)
$467.61
-1.93%
Cardano (ADA)
$2.18
-1.63%
DeFi Project Cream Finance Involved in $25M Flash Loan Explo...
News

DeFi Project Cream Finance Involved in $25M Flash Loan Exploit

Lending and borrowing platform Cream Finance has been involved in a large, multi-million dollar exploit. The attacker has made off with more than 418 million in Ampleforth’s algorithmic stablecoin, AMP, and 1,308 Ethereum

The total sum amounts to $25,678,948, but the price of AMP has already fallen more than 15% at press time, according to CoinGecko

The attacker’s address indicates that they currently have $18.8 million. 

The Cream Finance team has stopped further losses by “pausing supply and borrow on AMP.” 

Cream Finance is a decentralized finance (DeFi) platform that lets users earn interest on their idle cryptocurrencies. Unlike Platforms like Aave or Compound, Cream has many more markets for many more esoteric cryptocurrencies. Cream is actually a fork of the Compound code base. 

PeckShield, a crypto-security firm, explained that the hacker was able to make a 500 Ethereum flash loan which was used to exploit a “reentrancy bug” found in the Ampleforth smart contract. 

This story is breaking and will be updated as more information becomes available. 

Source: Decrypt.co

coinmag

Cryptocurrency news, blockchain news, markets news, cryptocurrency analysis, cryptocurrencies prices.