C.R.E.A.M Finance, a decentralized lending platform, lost $130 million to an exploit in October 2021. The attacker moved about 365.7 ETH, the amount worth almost $600,000, on January 30 to the TradeOgre exchange, a platform that is well-known for its weak AML/KYC checks. This was one of the several attempts of the perpetrator to withdraw their loot t this month. At press time, the total amount of transferred funds was 2,070 ETH worth around $3.26 million at today’s prices.
The team behind PeckShieldAlert, a Google Chrome extension that aims to protect users from suspicious tokens and scam websites, was the first to report that hacked funds are on the move.
C.R.E.A.M is an acronym for “Crypto Rules Everything Around Me.” The company has not commented on the news yet. The identity of the attacker and the hacking methods remain unknown.
C.R.E.A.M Finance aims to provide individual users and institutions for optimizing their crypto asset management with lending and investing functionality. CREAM is the native token of C.R.E.A.M Finance used for performing financial operations on the platform. At the time of publication, the token with its market capitalization of $23.7M is trading at $12.78. The circulating supply of CREAM stands at 1.9 million tokens.
The frequent incidents of hacking and phishing attacks on DeFi platforms and their users raise doubts about the effectiveness of the current level of security of decentralized platforms. At the same time, the complexity of such attacks presents challenges for law enforcement in detecting and prosecuting DeFi cybercriminals.