What Happened: DeFi lending platform Cream Finance CREAM/USD has fallen victim to yet another exploit which saw hackers make off with over $18 million.
According to an analysis by blockchain security analytics firm PeckShield Inc, the hacker exploited Cream Finance utilizing a reentrancy bug in AMP’s AMP/USD ERC-777 smart contract.
In total, the hacker amassed 418 million AMP tokens and 1,308 Ethereum ETH/USD, which amounted to $25 million at the time.
However, the value of AMP dropped sharply following news of the exploit, bringing the hacker’s total gain down to $18.8 million.
At the time of writing, AMP had lost 15% of its value and was trading at a price of $0.05242.
Why It Matters: This isn’t the first time Cream Finance has fallen victim to a DeFi exploit. In February this year, Cream saw yet another flash loan exploit led to the loss of funds totaling $37.5 million.
Only a month later, attackers targeted the protocol’s website and proceeded to request users seed phrases and empty the accounts of those who fell trap.
Price Action: The value of the CREAM token has also fallen by 8.53% since news of the exploit broke. At press time, CREAM was trading at $161, down from its intraday high of $180.
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