Cream Finance DeFi Platform Suffers $19M Exploit
- Cream Finance DeFi announced that it lost $19 million in a major security attack.
- The hacker gained $18.8 million by using a reentrancy bug in the AMP token
Cream Finance DeFi platform announced that it lost $19 million in a major security attack. According to the Cream Finance team, the hacker gained $18.8 million by using a reentrancy bug in the AMP token in a set of 17 transactions.
Cream Finance, a major DeFi protocol focused on lending, announced the news on Monday via Twitter. The team said they have stopped the exploit by ceasing supply and borrowing contracts on the AMP token, adding, “No other markets were affected.”
A leading blockchain security firm, Peckshield, highlighted that the hacker exploited the AMP token. He did this by re-borrowing assets during the transfer before renewing the first to borrow in 17 transactions.
To clarify, the security firm Read more: https://coinquora.com/cream-finance-defi-platform-suffers-19m-exploit/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
