DeFi Project Cream Finance to Reimburse Users $18M Stolen by Hacker
Main page News, Hacker Attack, DeFi
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Sept. 1, 2021

The developers of the decentralized finance (DeFi) project Cream Finance, which recently suffered a flash loan attack, plan to compensate the victims of the hack.

The representatives of the project have reported they will allocate 20% of all fees they collect to compensate affected users. The developers have also announced they are willing to pay 10% of the stolen amount to the hacker if he returns all the the funds.

The Cream Finance protocol was attacked by a hacker on August 30. The hacker managed to withdraw 418 million Flexa Network (AMP) tokens and 1,308 ETH from the project addresses valued at more than $18 million.

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The hacker exploited a bug in the Flexa Network smart contract, representatives of the analysis company PeckShield have noted. In total, 17 transactions were carried out, as a result of each of which the attacker received additional tokens.

Cream Finance suffered a similar attack in February. At that time, the hacker exploited a vulnerability in the Iron Bank protocol (the second version of the Cream Finance project) and stole $37.5 million in tokens.

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