DeFi Protocols Cream Finance, Alpha Exploited in Flash Loan Attack; $37.5 M Lost
DeFi Protocols Cream Finance, Alpha Exploited in Flash Loan Attack; $37.5 M Lost
Decentralized finance protocols (DeFi) Cream Finance and Alpha Finance were victims of one of the biggest flash loan attacks ever Saturday early morning, leading to a loss of funds totaling $37.5 million, according to deal details on Etherscan.
C.R.E.A.M. contracts and markets were investigated and found to be functioning as normal. Markets have been re-enabled across both V1 and V2.
Cream Finance 🍦 (@CreamdotFinance) February 13, 2021
Post mortem to follow.
2 hours later Cream Financing said its agreements were "functioning as normal" and markets had actually been enabled.
Cream Finance 🍦 (@CreamdotFinance) February 13, 2021
Alpha Financing then posted its own statement, stating its Alpha Homora V2 item was the source. The business confirmed that it is dealing with DeFi expert Andre Cronje and Cream Finance to investigate the occurrence, which the loophole had been fixed. It likewise stated that they "have a prime suspect" in mind.
Previously, Cream Finance tweeted an update on the occurrence saying that asset borrowing from its just recently released Iron Bank providing feature had actually been suspended. That tweet has given that been erased.
This is the second attack on a DeFi protocol in the last two weeks. Cronje's Yearn Finance suffered an a make use of in among its DAI lending pools, according to the decentralized financing protocol's main Twitter account. That exploit drained $11 million
