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It is known that the hacker took advantage of the vulnerability of the technology of instant or flash loans, but the details of the hack are being clarified.
The industry of decentralized finance has once again been attacked by hackers. Attackers have hacked the popular DeFi-protocol Cream.Finance and withdrew $37.5 million from there.
As reported, the incident occurred on Saturday, February 13. It is known that the hacker took advantage of the vulnerability of the technology of instant or flash loans, but the details of the hack are being clarified.
"We are aware of the potential vulnerability and are studying it. Thank you for your support in our investigation, " Cream representatives wrote.Finance on Twitter.
Analyst Igor Igamberdiev estimated that the project lost about $37.5 million as a result of the attack. In this case, the organizers used the services of Alpha Homora, Aave and Iron Bank, which are part of the infrastructure of Cream itself.Finance, in order to conduct already becoming familiar malicious operations with instant lending, create an imbalance of assets in the liquidity pools and withdraw them. In total, the hacker managed to withdraw 13,200 WETH, 3.6 million USDC, 5.6 million USDT and 4.2 million DAI.
On the back of news about the hacking of Cream.The price of the Cream token fell from around $290 to $220.
The industry of decentralized finance has once again been attacked by hackers. Attackers have hacked the popular DeFi-protocol Cream.Finance and withdrew $37.5 million from there.
As reported, the incident occurred on Saturday, February 13. It is known that the hacker took advantage of the vulnerability of the technology of instant or flash loans, but the details of the hack are being clarified.
"We are aware of the potential vulnerability and are studying it. Thank you for your support in our investigation, " Cream representatives wrote.Finance on Twitter.
Analyst Igor Igamberdiev estimated that the project lost about $37.5 million as a result of the attack. In this case, the organizers used the services of Alpha Homora, Aave and Iron Bank, which are part of the infrastructure of Cream itself.Finance, in order to conduct already becoming familiar malicious operations with instant lending, create an imbalance of assets in the liquidity pools and withdraw them. In total, the hacker managed to withdraw 13,200 WETH, 3.6 million USDC, 5.6 million USDT and 4.2 million DAI.
On the back of news about the hacking of Cream.The price of the Cream token fell from around $290 to $220.