fbpx
  • About Us
  • Contact
  • Sponsored Content
  • Price Tracker
  • Write for Us
  • Terms and Conditions
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Metaverse
    • Forecast
  • Exchanges
    • All
    • Crypto Exchange Reviews
    • Exchange Comparisons
    CoinSpot vs Kraken: Which Is Better? A Detailed Comparison

    CoinSpot vs Kraken: Which Is Better? A Detailed Comparison

    Centralised Exchange vs. Decentralised Exchange: A Detailed Comparison

    Centralised Exchange Vs. Decentralised Exchange: A Detailed Comparison

    Low Fee Exchanges: The High Cost of Low Price

    Low Fee Exchanges: The High Cost of Low Price

    Best Crypto Apps in Australia: A Curated List 2022

    Best Crypto Apps in Australia: A Curated List 2022

    CoinSpot vs Independent Reserve: Which Is Better? A Detailed Comparison

    CoinSpot Vs Independent Reserve: Which Is Better? A Detailed Comparison

    Which crypto exchange should Australians choose: CoinSpot vs Bitfinex

    Which crypto exchange should Australians choose: CoinSpot vs Bitfinex

    Coinspot vs Plus500: Which Is Better? A Detailed Comparison

    Coinspot vs Plus500: Which Is Better? A Detailed Comparison

    CoinSpot vs Bittrex Crypto Exchange Comparison

    CoinSpot vs Bittrex Crypto Exchange Comparison

    Review crypto exchanges for Australians: CoinSpot vs BTC Markets

    Review crypto exchanges for Australians: CoinSpot vs BTC Markets

    • Reviews
    • Comparisons
No Result
View All Result
SUBSCRIBE
Coin Culture
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Metaverse
    • Forecast
  • Exchanges
    • All
    • Crypto Exchange Reviews
    • Exchange Comparisons
    CoinSpot vs Kraken: Which Is Better? A Detailed Comparison

    CoinSpot vs Kraken: Which Is Better? A Detailed Comparison

    Centralised Exchange vs. Decentralised Exchange: A Detailed Comparison

    Centralised Exchange Vs. Decentralised Exchange: A Detailed Comparison

    Low Fee Exchanges: The High Cost of Low Price

    Low Fee Exchanges: The High Cost of Low Price

    Best Crypto Apps in Australia: A Curated List 2022

    Best Crypto Apps in Australia: A Curated List 2022

    CoinSpot vs Independent Reserve: Which Is Better? A Detailed Comparison

    CoinSpot Vs Independent Reserve: Which Is Better? A Detailed Comparison

    Which crypto exchange should Australians choose: CoinSpot vs Bitfinex

    Which crypto exchange should Australians choose: CoinSpot vs Bitfinex

    Coinspot vs Plus500: Which Is Better? A Detailed Comparison

    Coinspot vs Plus500: Which Is Better? A Detailed Comparison

    CoinSpot vs Bittrex Crypto Exchange Comparison

    CoinSpot vs Bittrex Crypto Exchange Comparison

    Review crypto exchanges for Australians: CoinSpot vs BTC Markets

    Review crypto exchanges for Australians: CoinSpot vs BTC Markets

    • Reviews
    • Comparisons
No Result
View All Result
Coin Culture
No Result
View All Result
Home Tech

Cream Finance hacked for third time: over $130 Million stolen

Monique Verstegen by Monique Verstegen
July 1, 2022
in Tech
Security hacker breaking into defi protocol.
Share on FacebookShare on Twitter

You might also like

Aptos 101: All To Know About The ‘Solana Killer’ By Diem Developers

Ethereum Merge: The Journey So Far & Its Future

Japan’s Central Bank Postpones CBDC Plan Amid Little Public Interest

The Ethereum-based decentralised finance protocol Cream Finance was hacked yet again, losing $130 million in what has been its most significant exploit to date. 

Groundhog day for Cream Finance 

By now, hacks and exploits have become part and parcel of the cryptocurrency space. Some are comparatively minor, like the hacker stealing from 6,000 Coinbase accounts. Others are massive, like the $600 million hack earlier this year. Known as Poly Network hack, the attacker eventually returned all the funds and was offered a job for his efforts in exposing the network’s security flaws.

However, most of the time, hacks remain one-and-done, as protocols clean up their security act. Not so in the case of Cream Finance. Astonishingly, the DeFi protocol has been hacked for the third time in its history, losing $130 million worth of Ether in the process. It is the biggest hack in the protocol’s history after it had lost $36m and $29m in previous attacks, both happening in 2021. The attackers used a flash loan attack, in which the hacker borrows a large amount of money for a very short time in order to take advantage of a perceived security flaw and exploit an arbitrage opportunity. Essentially, using a big amount to temporarily move the oracle price of an asset. If the scheme works, the attacker is able to abscond with the funds, as in the case of Cream Finance. If not, they are only paying gas fees for the loan to be returned. 

The Cream Finance team swiftly addressed the issue with the following statement: “With the help of friends from Yearn Finance and others in the community, we were able to identify the vulnerabilities and patch them. In the meantime, we’ve paused our v1 lending markets on Ethereum and we’re in the process of putting together a post-mortem review.”

Can the stolen funds ever be retrieved?

As seen in the Poly Network case, not all hacks are created equal in the cryptocurrency space. While that hacker was able to reach an agreement with Poly Network and could almost be considered a white-hat hacker (someone who exposes security issues to alert the team to them), the Cream case seems a bit more complex. The perpetrator left the following cryptic message: 

“gÃTµ Baave lucky, iron bank lucky, cream not. ydev : incest bad, dont do.”

It seems doubtful that Cream will be able to retrieve the funds, although the protocol offered a 10% bounty to the hacker in case they decide to return the stolen money. During the last flash loan attack Cream suffered, it stated it would repay the funds via fees collected on the protocol to compensate affected users. Back then, Cream was aided by Lossless, a DeFi security project focused on recovering siphoned funds thanks to its extensive network in the hacker scene. While DeFi projects continue to use the help of experts and bug bounties to incentivise hackers to “do the right thing,” it seems that they will have to do more in the future to ensure the safety of customer funds. 

Tags: Altcoin NewsDeFiSecurity
Monique Verstegen

Monique Verstegen

Based in Melbourne, Monique is a crypto enthusiast, who has been interested in blockchain and decentralised finance since 2017. In addition to content writing, she is also an experienced SEO Specialist with 5+ years of experience working across a range of industries.

Recommended For You

Aptos 101: All To Know About The ‘Solana Killer’ By Diem Developers

by John Hobbs
August 10, 2022
0
Aptos 101: All To Know About The ‘Solana Killer’ By Diem Developers

Ethereum is the OG in the world of smart contract-enabled blockchains—designed for DeFi, NFTs, DAOs, and the entire kaleidoscope of blockchain experiments—but it’s expensive and sluggish to operate....

Read more

Ethereum Merge: The Journey So Far & Its Future

by John Hobbs
August 6, 2022
0
Ethereum Merge: The Journey So Far & Its Future

The excitement around the Ethereum Merge has continued to grow. Although nothing is set in stone, the Ethereum merge will probably be according to the developers' most current timeline. This...

Read more

Japan’s Central Bank Postpones CBDC Plan Amid Little Public Interest

by Van Tran
August 5, 2022
0
Japan's Central Bank Postpones CBDC Plan Amid Little Public Interest

Despite evaluating the technical feasibility of issuing a central bank digital currency (CBDC) in 2021 and kicking off the second experimentation phase in April, Japan's central bank has postponed its...

Read more

Sandbox Metaverse For Beginners: An Ultimate Guide 2022

by John Hobbs
August 3, 2022
0
Sandbox Metaverse for Beginners: An Ultimate Guide 2022

As we enter the new age of digital connectivity, it is more vital than ever to understand the metaverses and their benefits. Each metaverse has its own set...

Read more

Aave DAO Votes For Creating Stablecoin GHO

by John Hobbs
August 3, 2022
0
Aave DAO Votes For Creating Stablecoin GHO

Aave intends to create GHO, an over-collateralised stablecoin. Aave DAO, the Aave DeFi protocol’s governing body, voted in favour of a proposal to establish a stablecoin GHO. The Snapshot...

Read more
Next Post
Bitcoin ETF cryptocurrency trading and investment concept on double exposure background.

Cryptocurrency Mining ETF Launches in Australia

Leave a Reply

Your email address will not be published. Required fields are marked *

Most popular

  • Will LUNA Recover? Is $1 Still Possible?

    Will LUNA Recover? Is $1 Still Possible?

    224 shares
    Share 90 Tweet 56
  • Top Crypto Twitter Influencers in 2022

    745 shares
    Share 298 Tweet 186
  • The Secret Disclosed: JPMorgan owns critical Ethereum infrastructure

    279 shares
    Share 112 Tweet 70
  • Charles Hoskinson Predicts No Further Delays In Cardano’s Vasil Hard Fork

    78 shares
    Share 31 Tweet 20
  • Top 10 Most Followed Cryptocurrency Hashtags on Twitter

    201 shares
    Share 80 Tweet 50

Recommended

“My First Bitcoin” in El Salvador: How To Educate A Nation About Crypto

“My First Bitcoin” in El Salvador: How To Educate A Nation About Crypto

August 12, 2022
Mark Cuban: Purchasing Metaverse Real Estate Is ‘The Dumbest Sh*t Ever’

Mark Cuban: Purchasing Metaverse Real Estate Is ‘The Dumbest Sh*t Ever’

August 12, 2022
Bitcoin and Ethereum Fluctuate In Response to US Inflation’s Cool To 8.5%

Bitcoin and Ethereum Fluctuate In Response to US Inflation’s Cool To 8.5%

August 12, 2022
Iran Places First Import Order Paid In Crypto, Worth $10M

Iran Places First Import Order Paid In Crypto, Worth $10M

August 11, 2022
Facebook Twitter Instagram
coin culture logo

Hot Topics

  • DeFi
  • NFT
  • Gaming

BROWSE BY TAG

Adoption Altcoin News Australia Banks Bitcoin Bitcoin News Blockchain News btc Business Cardano Cardano News CBDC China CoinSpot Cryptocurrencies Crypto Exchange DeFi Dogecoin News El Salvador ETF Ethereum News Exchange Exchanges Feature Games Markets Metaverse Mining NFT NFT Game Opinion People Policy and Regulation Russia SEC Security Shiba Inu News Solana Stablecoins Tax Tech Terra Trading Trading Guide U.S.

© 2022 CoinCulture. All rights reserved.

No Result
View All Result
  • Markets
  • Policy
  • Tech
  • People
  • Business
  • 101 Guide
    • Bitcoin Guide
    • Blockchain Guide
    • Ethereum Guide
    • DeFi Guide
    • Trading Guide
    • ICO guide
    • Bitcoin Cash Guide
    • Ripple Guide
    • NFT
    • Dogecoin guide
  • Hot topics
    • NFT
    • Metaverse
    • Games
    • Metaverse
    • Forecast
  • Exchanges
    • Reviews
    • Comparisons

© 2022 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist