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Cream Finance Hacked Again: Attacker Replaces 500000 DAIs with ETHs

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According to reports, according to CertiK monitoring, the Cream Finance Flash Loan attacker 0x70747df6AC244979A2ae9CA1e1A82899d02bbea4 has replaced an additional 500000 DAIs with E

Cream Finance Hacked Again: Attacker Replaces 500000 DAIs with ETHs

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

Introduction

In June of last year, Cream Finance was hacked and lost approximately $8.8 million. Reports show that the attacker, 0x70747df6AC244979A2ae9CA1e1A82899d02bbea4, has struck again. According to CertiK monitoring, the attacker has replaced an additional 500000 DAIs with ETHs. In this article, we will delve into the details of the latest hack targeting Cream Finance.

Background

Cream Finance is a decentralized lending platform that allows users to lend and borrow cryptocurrencies. Since it is a decentralized platform, users do not need to provide their identity information, making it easy for hackers to exploit the system. The platform offers flash loans, which are quick and easy loans used by traders to make a profit by leveraging price differences across different markets.
Last year, Cream Finance was hacked, resulting in $8.8 million in losses. The attacker drained various pools, including AMP and ALPHA, as well as the platform’s ETH reserve. The attack was conducted using the flash loan feature, which allowed the attacker to borrow a large amount of funds without collateral, manipulate the price of a token and then pay back the loan all in one transaction.

Another Hack Affects Cream Finance

According to CertiK, a blockchain security firm, Cream Finance has been hacked again by the same attacker. The attacker has reportedly replaced 500000 DAIs with ETHs. The hacker manipulated the price of DAI on MakerDAO, increasing it significantly on the platform, then used the increased price as a way to repay the flash loan taken for the attack.
While Cream Finance has not released an official statement about the hack, some reports suggest that the platform’s insurance fund was used to cover the losses. However, this has not been confirmed by the platform.

Impact of the Hack

The recurrence of the hack sends a warning to the decentralized lending market, raising concerns about the security of such platforms. The incident suggests that DeFi platforms remain vulnerable to hackers, and more needs to be done to secure them. This is especially important given the increasing popularity of decentralized finance.
The impact of the attack on Cream Finance is yet to be known. However, the platform’s users may suffer losses if the platform cannot recover the lost funds, leading to a lack of confidence in the system.

Conclusion

Cream Finance’s latest hack by the same attacker who targeted the platform last year highlights the security issues facing decentralized finance. The platform’s vulnerability to hackers emphasizes the need to improve security measures to prevent malicious attacks on DeFi platforms. The incident also underlines the importance of ensuring user protection by introducing better security mechanisms.

FAQs

1. Will users of Cream Finance suffer any losses due to the hack?
The impact of the hack on the platform’s users is yet to be determined.
2. What was the hacker’s tactic in the latest attack on Cream Finance?
The attacker manipulated the price of DAI on MakerDAO, then used the increased price as a way to repay the flash loan taken for the attack.
3. What can DeFi platforms do to prevent hackers from exploiting the system?
DeFi platforms need to improve their security measures and introduce better security mechanisms to ensure user protection.

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