There was another flash loan incident in Cream Finance.
After Cream Finance has been hacked many times, the last event is normally welcomed by users.
Flash Loan Incident Happened at Cream Finance
Another new attack on Cream Finance. Users now see this event in Cream Finance as normal.
According to data provided by smart contract auditing firm PeckShield, the attacker seized 80 RenBTC of Ethereum (ETH) worth $1.75 million.
Vulnerable smart contracts create lucrative arbitrage opportunities for hackers who can borrow copious amounts of money without collateral with the help of flash loans. All flash loan is done in a single transaction. The high complexity of such loans makes them an attractive tool for bad actors.
Last October, $136 million of the troubled DeFi protocol was drained. The attacker managed to borrow nearly half a million ETH tokens to successfully rob Cream Finance. Last February, a hacker managed to steal $37.5 million in a similar flash loan attack with Cream Finance.
