As a DeFi protocol for lending, Cream Finance allows users to earn interest from their deposited assets. Though Cream Finance is a fork of the Compound protocol, its operation is quite different from Compound or Aave. The platform has several more markets for some esoteric digital assets.<\/p>\n
1\/4 @CreamFinance was exploited in (one hack tx: https:\/\/t.co\/JPW7e368qd), leading to the gain of ~$18.8M for the hacker.<\/p>\n
— PeckShield Inc. (@peckshield) August 30, 2021<\/p>\n<\/p>\n
This attack on Cream Finance was exploitation involving 1,308 Ethereum and over 418 million AMP, the native token of Flexa Network. According to PechShield, the Ethereum records reveal that over $6 million were hacked at 5:44 UTC.<\/p>\n
Cream Finance Becomes Another DeFi Protocol Hacked In 2021<\/strong><\/h2>\nFurthermore, the Cream Finance team members confirmed the authenticity of the hacking reporting. Then, reporting on Discord Channel, the project\u2019s official channel, the members started working with PeckShield.<\/p>\n
The team revealed that the hacking was on the CREAM v1 market on the Ethereum Blockchain. Furthermore, they mentioned that it’s through the reentrancy of the contract on the AMP token.<\/p>\n
At the time of writing, AMP\u2019s value has dipped by 15% within few hours to $0.05. Also, the value of Cream Finance\u2019s native token, CREAM, plummeted by about 6%.<\/p>\n
However, ETH is at $3, 190.46 showing a slight dipping within the last 24 hours. The total amount of the Crean Finance hacking is more than $25 million. The address of the hackers shows that they presently have about $18.8 million.<\/p>\n
![](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/08\/CREAMUSD_2021-08-31_00-32-19-860x663.png\")
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Amidst the hack, Cream Finance is down by 6% | Source: CREAMUSD on TradingView.com<\/p>\n
The Cream Finance team has put a stop to any further loss. The team said that it now has a pause on AMP\u2019s supply and borrow. It further acknowledged that the hack doesn\u2019t affect any other market. Eason Wu, the protocol\u2019s production Manger, disclosed this information on Discord.<\/p>\n
Recall that earlier in the year; Cream Finance had a huge hack. The attack led to the loss of $37.5 million worth of digital assets. According to the report, the earlier hacking had a root cause from the exploitation of Alpha Finance.<\/p>\n
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