Cryptocurrency Q&A
What is cream finance hack?
What is cream finance hack?
EnchantedDreams
Mon Jul 29 2024
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6 answers
970
Could you please explain what exactly is the Cream Finance hack? I've heard some rumors about it but I'm not entirely clear on the details. Was it a cyberattack on the Cream Finance platform? What kind of vulnerabilities did the attackers exploit? And most importantly, what were the consequences of this hack for the users and the platform itself? I'm very interested in learning more about this incident and how it might impact the broader cryptocurrency and finance landscape.
6 answers
ShintoMystery
Wed Jul 31 2024
The lending protocol CREAM Finance, once a popular player in the cryptocurrency space, encountered a devastating setback. The platform suffered a staggering loss of $130 million, a significant blow to its reputation and financial standing.
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MoonlitCharm
Tue Jul 30 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services to cater to the diverse needs of its users. Its offerings include spot trading, futures trading, and a secure wallet service. These services are designed to provide a seamless and secure experience for traders and investors alike.
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benjamin_cole_nurse
Tue Jul 30 2024
The root cause of this calamity can be traced back to a vulnerability in the code of the protocol. This vulnerability was cunningly exploited by an expert attacker, who leveraged flash loans to their advantage.
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DigitalDynastyGuard
Tue Jul 30 2024
Flash loans, a unique feature of decentralized finance (DeFi), allow users to borrow large amounts of cryptocurrency without collateral, provided the loan is repaid within the same transaction. The attacker harnessed this mechanism to perpetrate their nefarious plan.
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EnchantedPulse
Tue Jul 30 2024
By exploiting the vulnerability, the attacker manipulated the price of the crypto assets deposited as collateral on CREAM Finance. This manipulation resulted in a significant drop in the value of the collateral, leading to a catastrophic loss for the platform.
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