- Cream Finance DeFi announced that it lost $19 million in a major security attack.
- The hacker gained $18.8 million by using a reentrancy bug in the AMP (OTC:AMLTF) token
Cream Finance DeFi platform announced that it lost $19 million in a major security attack. According to the Cream Finance team, the hacker gained $18.8 million by using a reentrancy bug in the AMP token in a set of 17 transactions.
Cream Finance, a major DeFi protocol focused on lending, announced the news on Monday via Twitter (NYSE:TWTR). The team said they have stopped the exploit by ceasing supply and borrowing contracts on the AMP token, adding, “No other markets were affected.”
A leading blockchain security firm, Peckshield, highlighted that the hacker exploited the AMP token. He did this by re-borrowing assets during the transfer before renewing the first to borrow in 17 transactions.
To clarify, the security firm