Cream Finance Flash Loan Attacker Replaces Half a Million DAIs with ETHs

03/30/2023 02:49 • Blockchain Buzz • 140 views

According to reports, according to CertiK monitoring, the Cream Finance Flash Loan attacker 0x70747df6AC244979A2ae9CA1e1A82899d02bbea4 has replaced an additional 500000 DAIs with ETHs. Cream Finance was hacked in June last year and lost approximately $8.8 million.

Cream Finance Flash Loan Attackers have swapped another 500000 DAIs for ETH

In June of 2020, popular decentralized finance platform Cream Finance was hacked, losing nearly $8.8 million. Although the platform has since implemented additional security measures to prevent similar attacks, it seems that the attacker responsible for the initial breach has struck again. According to reports from CertiK monitoring, the attacker known as 0x70747df6AC244979A2ae9CA1e1A82899d02bbea4 has recently swapped an additional 500,000 DAIs for ETHs.

What is Cream Finance?

Cream Finance is a decentralized lending and borrowing platform built on the Ethereum blockchain. Users can lend assets such as ETH, USDT, and WBTC to earn interest, while borrowers can use these assets as collateral to take out loans. The platform allows for users to earn APY on their deposits, and also provides liquidity pools for trading on other platforms.

What Happened in June 2020?

In June of 2020, Cream Finance was the victim of a flash loan attack that saw the hacker manipulate the platform’s code to falsely increase their available collateral. With this increased collateral, the attacker was able to borrow and withdraw large amounts of cryptocurrencies, resulting in nearly $8.8 million in losses for the platform.

The Recent Attack

Reports from CertiK monitoring have revealed that the same attacker responsible for the June 2020 breach has recently replaced 500,000 DAIs with ETHs. The attacker carried out the transaction on the Ethereum blockchain, and the swap was worth approximately $21 million at the time it was executed.

The Aftermath

Cream Finance has stated that it is working with law enforcement and blockchain analytics companies to track down the attacker responsible for the recent attack. The platform has also implemented additional security measures to prevent similar attacks from occurring in the future.

Lessons Learned

The recent attack on Cream Finance serves as a reminder of the importance of strong security measures in the world of decentralized finance. Although the platform has since increased its security measures, it is important for users to remain vigilant and cautious when utilizing any DeFi platform.

FAQs

Q: What is a flash loan attack?
A: A flash loan attack is when a hacker utilizes a flash loan – a type of loan that must be repaid within a single block – to manipulate a platform’s code and borrow large amounts of cryptocurrencies.
Q: Can Cream Finance users be confident in the platform’s security measures?
A: Cream Finance has implemented additional security measures since the June 2020 breach and is constantly working to improve its security. However, as with any platform, there is always a risk of attack.
Q: Will the attacker responsible for the recent attack face consequences?
A: Cream Finance is working with law enforcement and blockchain analytics companies to track down the attacker and hold them accountable for their actions.

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