Lossless DeFi Helps Recover $16.7M of CREAM Finance Exploit

CREAM Finance was more than happy to part with bounty after pivotal Lossless assistance returns funds.

By
Dardania Havolli
on
October 2, 2021
Category:
BSC News

Lossless Offers Helping Hand

Lossless have exemplified what they are capable of offering vulnerable protocols after helping CREAM Finance secure significant loss. With the successful execution of a bug bounty, should this become the norm?

In securing the return of the funds, CREAM also confirmed that they honored their 10% bug bounty and allowed a further 10% to the relevant hacker. 

“​​We would like to thank our community for the great support, with special thanks to @losslessdefi and @pcaversaccio who have earned the 50% bounty.” CREAM communicated via official Twitter on October 1st. “Thanks to them we were able to track down and identify the hacker who we immediately engaged.”

Lossless will have been pleased to flex their muscles with regard to aiding a protocol that has suffered a hack, giving an indication to other projects that they will be on hand for any future setbacks.

Source

Familiar Problems

CREAM Finance has already been confronted by similar exploit issues earlier this summer, when we reported on an $18 million flash loan attack. 

It would appear that this time around, the project was direct and assured in its response, utilizing the correct avenues for help and making sure funds were recovered in good time. The bug bounty here proved to be successful and should show other groups the need for more of them.

The surfacing of a group like Lossless will likely offer protocols a good deal of confidence in a particularly tricky period, as hackers continue to eye huge sums in various exploits. 

What is C.R.E.A.M. Finance? 

CREAM Finance describes itself as a decentralized lending protocol for individuals, institutions, and protocols to financial services. Part of the Yearn Finance ecosystem, CREAM Finance is a permissionless, open-source, and blockchain agnostic protocol serving users on Ethereum, Binance Smart Chain, Polygon, and Fantom. Users who passively hold Ether or wBTC can deposit their assets on Cream to earn yield, similar to a traditional savings account. 

Where to find C.R.E.A.M. Finance: 

Website | Twitter | Medium |

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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives. He holds bags mostly in BNB, SOL and IOTX.

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