Cream Finance Exploit Used Flash Loan

An attack on the Cream Finance smart contract has been successfully completed. The attacker executed a flash loan to exploit a vulnerability in the way Cream Finance calculates asset values, to walk away with a cool $117 million in profit.

The developers behind Cream Finance scrambled to fix the bug, trying to prevent more attacks on their various markets.

What is Cream Finance?

Cream Finance is a Decentralized Finance (DeFi) lending protocol running on Ethereum, Binance Smart Chain and Fantom blockchains. It allows people to deposit one cryptocurrency as collateral for borrowing a different asset. For example, deposit USDC and borrow Ethereum.

What Happened?

Someone carefully analyzed how Cream Finance calculates its asset prices, then launched a flash loan attack to take advantage of discrepancies.

How much did they take?

The attacker (or attackers) gained a $117 profit. Mostly Cream LP tokens and other Ethereum based tokens.

Create a Flash Loan

FlashLoans.ai is a flash loan generator based on machine learning and artificial intelligence. You can execute a flash loan with no coding experience.

Recent News

Are Flash Loans Good or Bad For Crypto?
November 23, 2021By
11
CryptoPunk Owner Used Flash Loan to Grab Headlines
November 15, 2021By
Introduction to Flash Loans
November 15, 2021By

Recent Cases

11
11
11
11
11
11

Related Posts

Leave a Reply