Decentralized finance (DeFi) protocol Cream Finance has been hacked for the third time this year losing over $100 million over a flash loan attack. While the technical side of the attack remains undisclosed, the project developers said in a tweet they are investigating an exploit on Cream v1 on Ethereum and will share updates "as soon as they are available." The alleged attacker received over $110 million into several accounts.
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Shortly after the news, the native token — CREAM — plummeted by almost 30% down to $106. The token's market capitalization has fallen to $70.7 million in a matter of minutes.
In August this year, Cream Finance also suffered an attack via flash loans. As a result, the protocol lost $18 million in ether (ETH), however, the hacker later returned nearly all the stolen funds. In February Cream Finance suffered a similar attack. At that time, the hacker exploited a vulnerability in the Iron Bank protocol (the second version of the Cream Finance project) and ran away with $37.5 million in tokens.
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