CREAM Finance Exploited, Price Crashes 30% Instantly

CREAM Finance, one of the more popular projects in the field of Decentralized Finance (DeFi), has been exploited. The price for its CREAM token has dropped by 30% in less than a few minutes after the news broke out.

• The official Twitter account of CREAM Finance revealed earlier today that the protocol has been exploited.

We are aware of a potential exploit and are looking into this. Thank you for your support as we investigate.

We are aware of a potential exploit and are looking into this. Thank you for your support as we investigate.

— Cream Finance 🍦 (@CreamdotFinance) February 13, 2021

• Although there is no official confirmation yet, many in the cryptocurrency community speculate that the attackers have managed to make off with about 13,000 ETH, which is a little bit less than $24 million.
• A couple of hours ago, a user shared that someone is doing arbitrage on the Irob Bank contracts of CREAM FINANCE. He determined that:

Looks like a hack. Looks like they have made off with 13K ETH and they have started sending several ETH through Tornado Cash in addition to 1,000 ETH to Alpha Homora Deployer, 1,000 ETH to Cream Finance, and 100 ETH to Tornado’s grant.

The story is developing.