Crooks steal $130 million worth of cryptocurrency assets from Cream Finance

Threat actors have stolen $130 million worth of cryptocurrency assets from the Cream Finance decentralized finance (DeFi) platform.

C.R.E.A.M. Finance is a decentralized lending protocol for individuals, institutions and protocols to access financial services. It promises earnings to users who are passively holding ETH or wBTC. Threat actors have stolen $130 million worth of cryptocurrency assets from the decentralized finance (DeFi) platform. The attack was also confirmed by the company.

Other blockchain security firms immediately shared the news of the attack:

According to the experts, the attackers have likely exploited a vulnerability in the platform’s flash loan feature, then transferred the stolen funds to a wallet under their control before splitting them through other wallets. Cream Finance has quickly addressed the flaw.

Unfortunately, this is the third time Cream Finance has been hacked this year, in August threat actors have stole $29 million and another $37 million were stolen in February.

DeFi attacks are becoming very profitable for threat actors, according to a recent post published by CipherTrace they totalled 361 million By July 2021 and accounted for 76% of all major hacks in 2021.

“By July 2021, DeFi-related hacks total $361 million, already making up three-quarters of the total hack volume this year—a 2.7x increase from 2020. DeFi-related fraud continues to rise, as well. At the time of this report, DeFi-related fraud accounted for 54% of major crypto fraud volume, whereas last year DeFi-related fraud only made up 3% of the year’s total.” states CipherTrace.

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Pierluigi Paganini

(SecurityAffairs – hacking, Cream Finance)

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Pierluigi Paganini

Pierluigi Paganini is member of the ENISA (European Union Agency for Network and Information Security) Threat Landscape Stakeholder Group and Cyber G7 Group, he is also a Security Evangelist, Security Analyst and Freelance Writer. Editor-in-Chief at "Cyber Defense Magazine", Pierluigi is a cyber security expert with over 20 years experience in the field, he is Certified Ethical Hacker at EC Council in London. The passion for writing and a strong belief that security is founded on sharing and awareness led Pierluigi to find the security blog "Security Affairs" recently named a Top National Security Resource for US. Pierluigi is a member of the "The Hacker News" team and he is a writer for some major publications in the field such as Cyber War Zone, ICTTF, Infosec Island, Infosec Institute, The Hacker News Magazine and for many other Security magazines. Author of the Books "The Deep Dark Web" and “Digital Virtual Currency and Bitcoin”.