{"id":42631,"date":"2021-09-01T15:10:38","date_gmt":"2021-09-01T15:10:38","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/32607\/Cream-Finance-Platform-Pilfered-For-Over-34-Million-In-Cryptocurrency.html"},"modified":"2021-09-01T15:10:38","modified_gmt":"2021-09-01T15:10:38","slug":"cream-finance-platform-pilfered-for-over-34-million-in-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/cream-finance-platform-pilfered-for-over-34-million-in-cryptocurrency\/","title":{"rendered":"Cream Finance Platform Pilfered For Over $34 Million In Cryptocurrency"},"content":{"rendered":"
<\/div>\n

Cream Finance has lost over $34 million in cryptocurrency after a cyberattacker exploited a vulnerability in the project’s market system. <\/p>\n

The decentralized finance (DeFi) organization is the developer of a lending protocol for individuals, with yields on offer for some cryptocurrency stakes. Assets on the platform include Ethereum (ETH), the AMP token, CREAM token, USDT, and COMP.<\/p>\n

Cream said an attacker managed to exploit a vulnerability on August 31, leading to the theft of 462,079,976 in AMP ($24.2m) tokens and 2,804.96 ETH tokens ($9.9m), according to an update<\/a> posted on September 1.<\/p>\n

At current prices, this amounts to over $34 million.  <\/p>\n

In an analysis of the attack, with the assistance of PeckShield<\/a>, Cream said an error in how the platform integrated AMP, leading to a reentrancy bug, was the source of the exploit<\/a>.  <\/p>\n

“While unfortunate and disappointing, we take ownership of the error,” the developers say.  <\/p>\n

Cream is now working with law enforcement to try and trace the attacker — or, attackers, as the platform says a “copycat” was also in play at the time of the main attack. The second individual has a transaction history with Binance. <\/p>\n

<\/section>\n

The organization has paused AMP supply and borrow functions until a patch can be deployed. The stolen ETH and AMP will be replaced, with 20% of protocol fees now earmarked to repay customers.  <\/p>\n

Cream says that if the attacker is willing to return the stolen cryptocurrency, they can keep 10%, without any consequences as a form of bug bounty payment. However, if others are able to provide a lead on the identity of the cyberattacker leading to their arrest and\/or prosecution, 50% of the value of the stolen funds is on offer. as a reward  <\/p>\n

If neither offer is successful, “we will forward all relevant information to law enforcement authorities and prosecute to the fullest extent of the law,” the company says.<\/p>\n

This is not the first time Cream has fallen foul of a cyberattack. In February<\/a>, the platform lost $37.5 million due to a flash loan exploit made via IronBank.  <\/p>\n

Earlier this month, DeFi platform Poly Network said<\/a> an attacker exploited a vulnerability in the platform to siphon away roughly $610 million in cryptocurrency, including BSC and ETH. The thief has since returned the funds and is signed off as “Mr. White Hat” in Poly blog posts.  <\/p>\n

The company has returned assets to its rightful owners and is currently in the process of restoring cross-chain services.  <\/p>\n

Previous and related coverage <\/h3>\n
\n

Have a tip?<\/strong> Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0<\/p>\n

\n

READ MORE HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

READ MORE HERE…<\/p>\n","protected":false},"author":2,"featured_media":42632,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[277],"tags":[8298],"class_list":["post-42631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersecurity-blogs","tag-headlinehackerbankcybercrimedata-lossfraudcryptography"],"yoast_head":"\nCream Finance Platform Pilfered For Over $34 Million In Cryptocurrency 2026 | ThreatsHub Cybersecurity News<\/title>\n<meta name=\"description\" content=\"ThreatsHub Cybersecurity News | ThreatsHub.org | Cloud Security & Cyber Threats Analysis Hub. 100% Free OSINT Threat Intelligent and Cybersecurity News.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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