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BREAKING: Cream Finance appears to have suffered major loss in flash loan hack
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Decentralized lending platform Cream Finance appears to have suffered a severe exploit on Wednesday, with an attacker stealing over $100 million worth of funds through a large flash loan attack.
Blockchain data analytics company PeckShield first identified the flash loan on Wednesday. The compromised funds were mainly Cream liquidity provider tokens, as well as other Ethereum-based tokens.
#FlashLoanAlert https://t.co/XzAvHqoINN
During a flash loan attack, an attacker exploits vulnerable smart contracts in order to create their own arbitrage opportunity. Typically, this is done by modifying the relative value of a trading pair by flooding the contract using their loaned tokens.
Cream Finance has been routinely targeted by attackers, as
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