Cream Finance Hacked for the THIRD time this year

De-Fi lending Protocol Cream Finance has suffered its third hack of the year, losing over $130 million in funds. Cream Finance is a lending and borrowing protocol built on the Ethereum blockchain.

The attack is a classic flash loan hack, as most are within the space, and was identified by PeckSheild Inc, resulting in mostly the loss of CREAM tokens being stolen.

Cream took to Twitter to make the announcement stating “Our Ethereum C.R.E.A.M. v1 lending markets were exploited and liquidity was removed on October 27, 1354 UTC. The attacker removed a total of ~$130m USD worth of tokens from these markets,……{No other markets were impacted}.”

This is just the latest in a line of attacks plaguing the company, back in February, 37.5 million was taken leading to a 30% drop in CREAM’s price within just one hour.

Then in August, Cream was attacked once more losing 418 million in Flexa token AMP, and 1,300 ETH. All these attacks were flash loans.

Cream is far from the only DeFi protocol suffering from hacks, with Polygon Network in August falling victim to an attack that cost the company $610 Million, the largest hack in Crypto history.

Hopefully, these attacks are curbed soon, due to companies such as Immunifi helping to fight back against these malicious hacks, with bounties that are rewarded when a vulnerability is discovered in protocols, or when funds are recovered from an attack.

Just recently the group helped pay a $2 million bounty for the Ethereum scaling network, Polygon. The funds were sent to a whitehat hacker who informed Poly of an over $850 million dollar error.