A few days ago, another large decentralized finance project (DeFi) was hacked. Cream Finance (CREAM) was targeted by a hacker who managed to capture up to $19 million in cryptocurrencies. There was a vulnerability in the system that the hacker was able to exploit.
The flaw was caused by the amp (AMP) token, and the hacker captured 418 million AMP. In addition, the hacker managed to steal around 1,300 Ether (ETH).
Cream Finance pays everything back
Meanwhile, the team behind Cream Finance has announced that it will compensate the victims. They promise to replace all stolen AMP and ETH tokens by providing 20% of all transaction fees incurred on the platform for this purpose. This will continue until all tokens are refunded.
Cream Finance has also announced that this is the first hack of its kind for the platform (compare also with Bitcoin Era and Bitcoin Trader). With the help of cybersecurity company PeckShield, the company has figured out the cause of the hack. Cream Finance has also taken responsibility and acknowledged that the blame lies with them:
In addition to the big hack, in which $19 million was stolen, a so-called “imitator” was also active, according to Cream Finance. It was most likely a person who was inspired by the great attack and saw their chance. How big the damage of this smaller hack is is still unknown.
In addition, Cream Finance is currently working with the authorities to track down and prosecute the perpetrators. Cream Finance has even agreed to donate 10% of the stolen amount to the perpetrator if he turns himself in and returns the full amount.
Cream Finance is also calling on the crypto community to provide possible clues about the perpetrator. If someone provides information that could lead to the arrest of the perpetrator, Cream Finance is willing to donate 50% of the recovered amount to that person.