NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Cream Finance Plans To Repay The Stolen Funds To Its Users

Asad Gillani
Asad Gillani
3 years ago
2 mins read
Cream Finance Plans To Repay The Stolen Funds To Its Users

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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 Binance crypto exchange. Binance is currently working together with Cream Finance to fish out this second attacker.

Cream revealed that it would cooperate with the necessary authorities to track the perpetrator. Furthermore, it will work with law enforcement bodies to prosecute the attacker using the full weight of the law.

Also, the hacked protocol will part with a 10% bug bounty to the attacker where they are ready to return the stolen assets.

Additionally, Cream appealed for public assistance in identifying the perpetrator or providing relevant information for his arrest and prosecution. The protocol pledged a ransom of 50% of returned funds for such assistance.

As recently notified, on August 30, Cream stopped supply and borrow contracts on AMP. This move closes the exploit that gave the attacker access to about $19 million worth of ETH and AMP from assets reborrowing within 17 different transactions.

Related Reading | Visa Describes NFTs As Promising Means To Engage With The Fans

Following this recent huge exploitation, the prices of AMP and CREAM, the Cream’s native coin, have plummeted. The AMP value has suffered almost a 13% dip.

Cream Finance Plans To Repay The Stolen Funds To Its Users

At the time of writing, CREAM is trading sideways | Source: CREAMUSD on TradingView.com

Furthermore, these affected coins now have continuous price dipping preceding the attack. For example, cream token CREAM has plummeted by 11% within the last seven days. The token now sells at $163.08 at the time of writing. AMP, being down also, is at $0.05275.

Featured image from Pixabay, chart from TradingView.com
Tweet123Share196ShareSend
Asad Gillani
Asad Gillani

Asad Gillani

Asad is a freelance writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood and loves listening to folk music.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin From 2009 Awakens—Is The $30-M Move A Warning Sign?

Five long-dormant Bitcoin wallets sprang back to life on July 31, moving a total of 250 BTC—nearly $30 million at...

Christian Encila 5 hours ago
Bitcoin

Satoshimeter Shows Where Bitcoin Price Is In This Cycle

The Bitcoin price surge above $120,000 has reignited speculation about where the flagship cryptocurrency stands in the current cycle. While...

Scott Matherson 6 hours ago
Ethena

3 Key Ethena (ENA) Support Levels To Monitor – Analyst

Ethena (ENA) prices are presently in the red zone during a broader crypto market correction. According to data from CoinMarketCap,...

Semilore Faleti 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum

Ethereum Price Pulls Back To $3,500, But MVRV Signals Uptrend Continuation Likely

Opeyemi Sule 39 minutes ago
Litecoin

Litecoin Drifts Sideways—Intraday Action Tied To BTC Pulse

Godspower Owie 1 hour ago
Bitcoin

Bitcoin Long-Term Holders May Be Selling, But Is The Bull Run Really Over?

Opeyemi Sule 2 hours ago

Premium Sponsors

Press Releases

  • Use Quid Miner cloud mining mobile app: easily earn passive...

    11 hours ago
  • Najlepšia Kryptomena na Investíciu v Auguste 2025 – HYPER, MAXI, T6900, SNORT, SUBBD, BEST, ETH

    Najlepšia Kryptomena na Investíciu v Auguste 2025 –...

    1 day ago
  • A must-read for miners in 2025! ETHRANSACTION is disrupting...

    1 day ago
  • XRP vs. ETH vs. BTC: Ktorá kryptomena vedie tento týždeň na trhu?

    XRP vs. ETH vs. BTC: Ktorá kryptomena vedie tento...

    1 day ago
  • Nejlepší kryptoměny k investování v srpnu 2025 –...

    1 day ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.