Cream Finance Reported Recovering $16M Of The Stolen Funds

Cream Finance reported recovering $16 million of the stolen funds in the previous attack that we reported about in our latest cryptocurrency news today.

A month after getting exploited for the second time this year, Cream Finance reported recovering $16 million of the funds. The reports show that when the decentralized finance protocol suffered another breach of about $25 million in ETH and AMP was stolen and at the time, the team behind the project promised to investigate the manner and provide frequent updates.

Following the exploit on 31st August, we fully committed ourselves to retrieving the stolen funds for our community.

We would like to confirm that 5,152.6E was recovered.

— Cream Finance 🍦 (@CreamdotFinance) October 1, 2021

Approximately a month after the incident, Cream outlined a positive outcome at least for the huge chunks of the stolen funds. The team asserted that its full commitment to retrieving the funds led to the recovery of over 5150 ETH and with today’s prices, the amount represents about $16 million but there are still a few million left. Cream further explained that the parties that were involved in retrieving of the funds earned a 50% bounty but the DeFi protocol honored the traditional 10% bug bounty and allowed the hacker to retain 10% of the stolen funds.

As recently reported, The team vowed to reimburse the users that got their funds stolen, and to do so, the platform committed to allocate 20% of all protocol fees towards repayment until the debt is paid off. The team also said it will post collateral with the FLEXA/AMP team to secure the debt. The DeFi project offered the hackers a regular 10% bug bounty and a 10% bonus of the stolen funds if they are willing to return them. In case a third party is able to identify and provide valuable information that will lead to the arrest of the hackers, Cream promised a share of 50% of the recovered funds so that the authorities are able to pursue all avenues available.

Also, CREAM Finance will be the first DeFi platform to offer EURt to users in the DeFi space and users on the platform will obtain access to the coin for lending and borrowing markets amid the increasing demand for euro pegged stablecoin in the DeFi space. Users can obtain access to TEther tokens pegged to USD on the platform. The EURt is a stablecoin that tracks the price of the Euro. Tether has been reluctant to hand over data to regulators but the controversial platform will release the audits soon.

Source: https://www.dcforecasts.com/altcoin-news/cream-finance-reported-recovering-16m-of-the-stolen-funds/