Chopped cream finance; Lose $ 34 million in digital assets

People came by again. Another encryption trick is in the books. This time, the victim is a platform called Cream Finance, which is reporting losses of around $ 34 million at the time of writing. Cream Finance loses a lot of money The money was raised after a hacker exploited an opening in the company’s system.

Cream Finance is a decentralized organization that offers loan programs to cryptocurrency traders. People can earn interest in many different cryptocurrencies, including Ethereum, Tether (USDT), COMP, and the company’s proprietary cryptocurrency known as Cream Tokens.

The attack took place on the last day of August. Up to 462 million units of AMP, valued at around $ 24.2 million at press time, have practically disappeared overnight, while more than 2,800 units of Ethereum, worth just under $ 10 million, disappeared the next day. Therefore, the total amount of funds raised amounts to just over $ 34 million. In a statement, Cream said that the problem was caused by the company’s monitoring that the methods used to integrate AMP were incorrect.

This gave way to the opening that eventually led to the hacker to invade and commit the theft. The company said: Although we are unhappy and disappointed, we take responsibility for the mistake. Currently, all AMP transactions and withdrawals are on hold until the company can implement a solution.

Cream Finance assures all merchants affected by the theft that the money will be replaced immediately and that up to 20% of the daily fee will be used to guarantee reimbursement to customers. Additionally, Cream is working with law enforcement to find the culprit, though they also take a page straight from the Poly Network playbook to peacefully work with the cyber thief.

They told the thief that if he (or she) is willing to return the money quickly, they can keep up to ten percent of the stolen money without any consequences. The investigation will be halted and the person responsible for the attack will not be charged. The situation is similar with Poly Network, as the company offered its hacker a position as Senior Security Advisor and a $ 500,000 sign-up bonus after an attack that caused him to lose more than $ 600 million in cryptocurrency when he returned. funds.

We will send all your information to law enforcement If the person refuses to comply, the investigation will continue and Cream Finance will take all necessary steps to obtain the funds. The company said: