Decentralized Finance Project “Cream Finance” Facing Quick Loan Attack Again, Losing $18 Million
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Answer Decentralized Finance Project “Cream Finance” Facing Quick Loan Attack Again, Losing $18 Million
Cream Finance, a Defi lending protocol, has fallen victim to yet another fast loan attack.
Losses are currently estimated at about $18 million, according to early reports from Wu Blockchain, which also reported that the attackers took advantage of one of the existing vulnerabilities and carried out the theft through 17 transactions.
The “Panic Shield” Twitter account, which specializes in blockchain security, was the first to discover the attack and alerted about it.
Where Tell This account said that it discovered the root cause of the attacks and asked “Cream Finance” to contact it for more details.
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– PeckShield Inc. (pickshield) August 30, 2021
Quick loan attacks are one of the most common forms of exploitation of decentralized finance projects, as it is cheaper to work and easier to get rid of.
Attackers take advantage of the fast loans provided by smart contracts that lend money to people who do not need collateral and there is no maximum loan limit either, since the borrower can repay the loan in the same transaction.
Most traders use it to arbitrate the price difference of an asset on two different platforms.
Hackers manipulate the quick loan function by first borrowing a large amount as collateral and then using it to manipulate the prices of cryptocurrencies in pools.
The “Cream Finance” attackers have reportedly managed to obtain a lot of AMP cryptocurrency.
Continuing scams in the DeFi market:
Exploitation of Defi market projects appears to have peaked as there were a lot of exploits across various protocols this month.
While the $610 million stolen from the largest Defi market hack involving PolyNetwork has been returned, it highlights just how vulnerable these Defi protocols are.
Read:Ripple Technical Office Manager Explains Reasons Why The Company Needs To Continue Selling XRP
Security has been a major concern since the inception of this market, as despite all the measures, vulnerabilities are still exposed and exploited.
The SEC is currently regulating the crypto market and recently partnered with a blockchain analysis firm to help it analyze the broad market further.
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