Cream Finance Plans To Repay The Stolen Funds To Its Users

Cream Finance is a decentralized finance protocol to repay users for the flash loan hack on its platform. The hack of nearly $19 million occurred on Aug 30, 2021. Cream Finance puts news of a post-mortem to the massive exploitation of the AMP flash loan. The protocol promises to repay the stolen Amp (AMP) and Ether (ETH) coins. It plans on footing its promise by allocating 20% of all the protocol fees until the debt is fully paid. Furthermore, the protocol will post collateral with the pertinent parties at AMP. It will also involve the Flexa digital payments network, the creators, for the security of the debt. From the post-mortem report, this recent flash loan hack stands for Crean Finance’s first time to face direct hacking. Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO This mishap caused the loss of about 2,800 ETH and 462 million AMP coins. Through the assistance of PeckShield, a blockchain security company, Cream Finance discovered the major cause of the hack. The protocol uncovered that there’s an error in its means of AMP integration. Cream confirmed that though the situation is disappointing and unfortunate, it will solely bear the responsibility for its error. Cream Finance Is Inspecting The Hack Besides the massive exploit on its platform, Cream Finance has found a similar attack. However, this smaller move comes from an address with a history of transactions on the...