Cream Finance is the leading lending and borrowing DeFi protocol running on the Ethereum network. It lost more than $130 million by getting hacked for the third time this year.
The DeFi Protocol was hacked in February for the first time. The hackers took off with $37.5M in a flash loan attack. As a result, Cream Finance’s price was reduced by 30% in only an hour. However, the recent hack is much worse! This time, the hackers made off with more than $130 million, almost 100% more than the first attack.
In August, the DeFi Protocol was hacked for the second time. It was involved in a multi-million dollar exploit that ended up a scam. The hacking party took away more than 418 million in AMP and almost 1300 ETH. AMP is the native token of Flexa Network. Overall, this loss was too great to be recovered from, but they got hacked once again. In only a matter of three months, Cream Finance had to lose millions of dollars to the attackers.
At the time of writing, Cream Finance has dropped by 23% after the attack. Currently, it is trading at $117.10, as mentioned by CoinGecko.
Although this DeFi protocol is repeatedly being hit, it remains the only platform to suffer such loss. There hasn’t been any other platform that had to face such attacks.
