Hacked Cream Finance will reimburse $18M in damage

by in Cryptocurrency News

Cream Finance

The developers of the Cream Finance decentralized protocol will reimburse affected users for the losses resulting from a recent attack using instant loans.

Related: Cream Finance Suffered $25 M Flash Loan Attack

The project will allocate 20% of the fees for this purpose until the entire amount is repaid. The developers are also ready to pay 10% of the stolen money to the hacker if he returns the funds.

At the last count, Cream Finance lost 462,079,976 AMP and 2804 ETH - more than $ 18 million.

“We have captured the main exploit and its smaller copy. The address of the second simulator exploit has a history of withdrawing funds to Binance. We are working with the exchange to identify the second culprit. In the future, this information will be forwarded to law enforcement agencies, ”the project representatives said. Trading in the AMP token is suspended until the error is corrected.

As a reminder, on August 30, two hackers exploited a bug in the Flexa Network smart contract. They conducted 17 transactions, which resulted in additional Flash Token Credits.