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Funding cream exploit is moving money from hack 2021 again

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According to blockchain security tracker CertiK, the Cream Finance attacker moved the crypto assets they stole back in 2021 to another wallet address. The transaction took place at 12:22 am UTC today.

Cream Finance money stolen on the go

Earlier today, CertiK Alerts shared a tweet showing the most recent transaction involving funds stolen from Cream Finance in October 2021. Due to the transparency of blockchain technology, the blockchain security company can keep tabs on the movement of funds obtained from the exploit.

According to Etherscan, the hacker used wallet address 0x70747df6ac244979a2ae9ca1e1a82899d02bbea4 to transfer funds to address 0x4648451b5f87ff8f0f7d622bd40574bb97e25980. Etherscan names the address as the Cream Finance attacker’s wallet. The transaction revealed that it transferred 365.69 ETH (more than $600,000).

In 2021, the DeFi protocol suffered three network hacks, the latest of which lost around $130 million at the time of the hack. As reported by PeckShield, the hacker used a vulnerability in the platform’s lending system, a process described as flash lending, to dump protocol tokens on the Ethereum chain. Blockchain security analytics firm Slowmist broke down the stolen assets via a Twitter thread. Some of the stolen tokens included ETH, BUSD, AAVE, WBTC, and FTX.

Earlier that year, Cream Finance had already lost about $66 million due to the hack after cyber attackers breached the protocol in February and August.

Fear of DeFi

Although the money has been traced, and the exploiter’s address identified, hope for a refund is waning. However, some of the funds in Careem Finance were stolen in August 2021 after they recovered after security firm DeFi Lossless helped them retrieve $5,152.6. However, no refunds were made from the October hack.

DeFi protocols account for more than 70% of cyberattacks related to virtual currencies. Chinese company LianAn Technology published a report showing that the numbers crunched from DeFi exploits in 2022 amounted to $3.64 billion, nearly 50% more than the total seen since 2021.

DeFi protocols need to find a solution to network breaches soon, as the total value locked on the protocols is also declining. As of December 2022, TVL on DeFi networks is down more than 80% from its end-2021 values.

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