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As per recent reports, the DeFi project, Cream Finance, undergoes exploit. Moreover, it has suspended withdrawals from the Iron Bank temporarily due to the hack. While details were scanty at the press time, the protocol denied clarifying the exploit and its impact. CREAM Finance is a decentralized P2P platform that offers lending, borrowing, exchange, payment, and tokenization services for digital assets. CREAM Finance helps in driving financial inclusion. It forked from Compound Finance.
Moreover, Cream Finance updated was that it is recently investigating the potential exploit. Following the attack, the price of the project’s token CREAM dropped. However, according to the speculations, attackers made off with 13k ETH. Further, the figures amounting to approximately $23 million at the time of writing. The exploit reportedly included profiting from the Iron Bank contracts on Cream Finance. Further, the contract address accountable received funding via Tornado Cash, which hackers usually utilize to launder funds anonymously.
Intricate details about Tornado Cash and decrease in price of CREAM token
Nevertheless, Tornado Cash enhances transaction privacy by breaking the on-chain link between the source and destination addresses. On-chain data implies that the address in question has commenced transferring various ETH via Tornado Cash, in enhancement to 1000 ETH to Alpha Homora Deployer, 1000 ETH to Cream Finance, and 100 ETH to Tornado’s grant.
Six hours ago, the Cream Iron Bank held $6.1 billion of $AAVE locked, simultaneously with $1.07 billion of $CREAM. Further, the Iron Bank, which functions as a part of CREAM v2, plans to be CREAM’s paradigm-shifting protocol-to-protocol lending platform and liquidity backstop for the complete DeFi ecosystem. Following a possible attack, there was a severe decrease in CREAM, the token of the DeFi project. The value of the $CREAM token dropped distinctly as soon as the news first came to light. It fell by over 30% in one hour from $288 to $193, following news of the potential exploit.