Cream Finance Breach

Cream Finance is a platform that people use to trade different types of cryptocurrency. It allows both institutions and individuals to access financial services within the crypto industry.

What Was the Breach?

Cream Finance, a decentralized or DeFi platform used to trade cryptocurrency, suffered a massive data breach in the year's second half. A whopping $34 million was lost in the attack. The breach stems from a susceptibility within an internal market system that was exploited.

The platform's heads have stated they will compensate users for financial loss stemming from the incident. However, some Cream Finance customers fled to the competition after the incident, assuming the grass would be greener elsewhere.

How Did the Breach Occur?

It appears as though a hacker exploited a weakness within Cream Finance's market platform. The miscreant took advantage of the susceptibility, setting the stage for the theft of more than $24 million worth of AMP crypto and nearly $10 million of Ethereum crypto. Cream representatives have stated there was an error in how the market platform integrates with AMP, triggering a reentrancy bug that spurs the exploit.

When Did This Breach Occur?

This breach occurred in August 2021.

Who Does the Breach Impact?

The breach impacts Cream Finance customers though the company itself also took a massive hit regarding its reputation.

How Many Files Does the Breach Affect?

In all, the breach affects thousands of Cream Finance customer accounts. Specifically, the hackers plucked crypto directly out of targets' accounts on the platform. The total value of crypto stolen in the attack amounts to more than $30 million.