Major hack attack costs Cream Finance over $ 130 million in cryptocurrencies

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A major hack attack cost the Ethereum-powered credit protocol called “Cream Finance” US $ 130 million (roughly Rs. 972 billion). This attack also stole around 68 crypto assets that were stored at Cream Finance and add up to the amount lost. The majority of the crypto tokens lost were reportedly ERC-20 coins and the Cream Liquidity Protocol tokens. After the attack that happened earlier this week, the value of the Cream LP tokens saw a significant 27 percent drop and is currently around $ 111 (about 8,300 rupees), according to CoinGecko.

The company, with over 72,000 followers on Twitter, confirmed the incident and announced that an investigation into the case is ongoing.

We are investigating an exploit for CREAM v1 on Ethereum and will release updates as soon as they become available.

– Cream of finances ???? (@CreamdotFinance) October 27, 2021

PeckShield, a blockchain security company, was the first to identify the attack.

The illegal transaction cost around 9 ethers as a “gas fee” – the fees charged to broker the transaction. Currently, the value of an Ether token is $ 4,618 (approximately 3.4 lakh).

According to a report by CryptoPotato, the attacker now owns $ 92 million worth of crypto coins (roughly Rs. 688 billion).

This year alone, this is the third time Cream Finance servers have been attacked by cyber criminals.

In early August, the protocol lost $ 25 million (approximately Rs.186 billion) in a similar attack.

However, this new attack is the largest that Cream Finance has seen to date.

With the global expansion of cryptoculture, news of hackers targeting crypto enthusiasts has made headlines lately.

For example, data from over three million CoinMarketCap (CMC) users was leaked in early October, the crypto tracker confirmed.

According to a report by Business Insider, 32 incidents of hacks and fraud targeting the crypto space have been reported so far in 2021.

The total value of these attacks is nearly $ 3 billion (approximately 22,522 billion rupees). According to the report, the number of crimes is only growing by 41 percent each year.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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