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BREAKING: Cream Finance appears to have suffered major loss in flash loan hack

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Malicious actors continue to target decentralized finance projects for their exploits. On Wednesday, a major DeFi lending platform suffered a flash loan attack.

Decentralized lending platform Cream Finance appears to have suffered a severe exploit on Wednesday, with an attacker stealing over $100 million worth of funds through a large flash loan attack. 

Blockchain data analytics company PeckShield first identified the flash loan on Wednesday. The compromised funds were mainly Cream LP tokens, as well as other Ethereum-based tokens.

During a flash loan attack, an attacker exploits vulnerable smart contracts in order to create their own arbitrage opportunity. Typically, this is done by modifying the relative value of a trading pair by flooding the contract using their loaned tokens.

Cream Finance has been routinely targeted by attackers, as evidenced by the $19 million flash loan hack of the protocol in August. As Cointelegraph reported at the time, the attack was facilitated by a reentrancy bug introduced by the Amp token.

This story is still in development.

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