Another crypto marketplace has been hit by a major cyberattack

Translate This Page

Another crypto marketplace has been hit by a major cyberattack

Posted by Mayank Sharma on Thursday, November 4, 2021

Hackers have stolen about $130 million worth of cryptocurrency assets from Cream Finance, by exploiting a bug in their flash loaning system to siphon away all Ethereum-based tokens on the platform.

© Provided by TechRadar artistic representation of a hacker
This is Cream Finance’s third hack this year alone. The decentralized finance (DeFi) platform allows users to loan and speculate on cryptocurrency price variations.

The latest incident was first detected by blockchain security firms PeckShield and SlowMist, before it was confirmed by the Cream Finance team.

TechRadar needs you!

We're looking at how our readers use VPNs with streaming sites like Netflix so we can improve our content and offer better advice. This survey won't take more than 60 seconds of your time, and we'd hugely appreciate if you'd share your experiences with us.

>> Click here to start the survey in a new window <<

“Our Ethereum C.R.E.A.M. v1 lending markets were exploited and liquidity was removed on October 27, 1354 UTC….No other markets were impacted,” shared Cream Finance on Twitter.

Repeat victims

Before today’s incident, Cream Finance had suffered million dollar heists earlier in the year, losing $37 million in February, and another $29 million in August.

Interestingly, all attacks were flash loan exploits, which reportedly has emerged as one of the most common ways hackers use to break into DeFi platforms over the past two years.

According to a report by CipherTrace, DeFi related hacks have accounted for 76% of all major hacks in 2021, resulting in users losing cryptos worth more than $474 million.

Cream Finance patched the bux within hours of the theft. However, The Record believes that even though the attacker’s initial wallet has been identified, the funds have already been moved to new accounts, and there’s little chance of the stolen crypto being traced and returned to the wallets of the victims.

Next post: Should You Buy...

Previous post: Ethereum Reaches...

Tags: another crypto marketplace has been hit by a major cyberattack

« Back to posts

Subscribe to this blog

THE WEEKEND SHOP

Rolex Date

15203
36MM Steel & 18k Gold, Oyster Band
Black Index Dial, Smooth Bezel (1998)
$5,795

⭕

Ladies Rolex Datejust 69178 Champagne
Rolex Datejust
69178
26MM 18k Yellow Gold, Fluted Bezel
President Band, Champagne Dial (1986)
$8,495

⭕

Submariner Rolex 16610
Rolex Submariner
16610
40MM Stainless Steel, Oyster Band
Black Superluminova Dial (1995)
$9,595

Buy Get Quote Sell

Blog Archive

CHOOSE YOUR FLAVOR🍷

https://join.robinhood.com/samv55

Invest, spend, and earn 2.05% APY*–all through your brokerage account.

Our goal at Robinhood is to democratize finance. This means delivering products that help you do more with your money and improve your life. Today, we're excited to introduce Cash Management, a new feature to give you more flexibility with your brokerage account.

JOIN THE WAITLIST

Flexible Spending
Use your Robinhood debit card anywhere Mastercard® is accepted around the world.

Earn 2.05% APY
Your uninvested cash is moved to banks in our program that pay you 2.05% APY*. Like all variable rates, this could go up or down over time.

FDIC Insurance
Your cash in the program banks is eligible for up to $1.25 million of FDIC insurance, or up to $250,000 per bank, subject to FDIC rules.

75,000+ ATMs
Don't pay fees at any of the 75,000+ ATMs in our network.

JOIN THE WAITLIST

For the next two weeks, you can earn increasing levels of Stock-Back™ rewards when you shift your everyday spending to your Stash debit card.*

Every qualifying swipe over $5 gets you closer to leveling up your Stock-Back rewards. Levels start tomorrow and reset to zero on Monday, November 18.

#FINANCIAL_LITERACY

107.9FM NYJ/LA