Hacked CREAM Finance Promised To Repay Users With Protocol Fees

Hacked CREAM finance platform promised to repay its affected users two days after the attack, by using their protocol fees allocation as we are reading more in our latest altcoin news today.

The popular defi protocol Cream Finance became the latest hack victim two days ago and it will now allocate 20% of the fees in charge to repay the affected customers. The project offered a bug bounty to the perpetrators and up to 50% for third parties that can help in recovering the funds.

Cream Finance is an open-source, permissionless blockchain agnostic platform that was hacked for the second time in six months. At that point, the estimations showed that the attackers managed to swipe around $25 million in ETH and AMP so the project provided an update that had a different amount:

“At approximately 12 pm on August 31st (UTC +8), CREAM Finance was exploited for 462,079,976 in AMP tokens and 2,804.96 ETH tokens.”

With today’s prices, it turns out that the hackers stole $35 million and they did so via two transactions, the main exploiter and one copycat. CREAM said the second wallet has a withdrawal history from binance and two parties started working together to identify the attackers. The Defi project collaborates with PeckShield to determine the root cause which turned out was an error in the integration process with AMP. It wasn’t an issue with teh code as some suggested previously. CREAM paused the AMP supply and the borrowing services and promised to restart them once the patch can be deployed safely.

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.

Source: https://www.dcforecasts.com/altcoin-news/hacked-cream-finance-promised-to-repay-users-with-protocol-fees/