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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

Cream to Return Stolen Funds Using Protocol Fees

The protocol said in excess of $33.5 million in ether and AMP was taken in the hack.

Sep 1, 2021 at 9:06 a.m. UTC
Updated Sep 1, 2021 at 2:44 p.m. UTC

Decentralized finance protocol Cream Finance said it will use protocol fees to repay users that lost money during Monday’s attack.

  • In a postmortem posted on Medium, the Cream Finance team said it is committing one-fifth of protocol fees until affected users have recovered all of their funds.
  • The protocol will post collateral with the AMP and Flexa teams until the debt is repaid. Affected users are invited to submit a request through a Google form.
  • Cream also revised its Monday estimate of the hack upwards. It said the hackers drained 462,079,976 AMP tokens and 2,804.96 ether, totaling upwards of $33.5 million.
  • This is the first time Cream was directly exploited, the post said, probably referring to another attack it suffered earlier this year.
  • The team has identified a main exploit and a copycat. The latter has withdrawal history on Binance, so Cream is working with the crypto exchange to identify the copycat. The two stole the funds over 17 transactions.
  • Cream is offering its usual bug bounty: If the hacker or hackers comes forward, they can keep 10% of the stolen funds.
  • The post confirmed earlier reports that the integration of ERC-777 AMP token contracts in the Cream protocol were the root cause.
  • While the AMP market integration took place in February, it was only five days before the attack that a big influx of AMP tokens on Cream made the account profitable, according to the blog post.
  • Cream said it will re-deploy AMP borrowing and lending once the vulnerability has been patched.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.

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