Recently Hacked CREAM Finance Offers 10% Bounty and Vows To Pay Back Customers via Protocol Fees

2021-09-01 17:06:40

Cream Finance, the DeFi protocol that suffered a multi-million crypto hack, offers a 10% bounty and says it will pay back users via protocol fees. In order to achieve that, Cream intends to use 20% of the fees they charge towards paying back their customers. This was confirmed by the Cream Finance team in a official statement. Additionally, the Cream team also reveals working with FLexa/A.M.P. in order to take control of the current debt.

Cream Finance intends to allocate 20% of all protocol fees toward repayment until this debt is fully paid.Cream Finance Official Statement

The latest crypto hack on Cream Finance saw the DeFi protocol lose around $35m. For the hackers to emerge successful, they exploited an error in the AMP integration process. Specifically, by using two transactions. One being the real deal, the other smaller one a Binance history fake.

 

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Consequently, this instantly nullifies previous speculations that the issue is a result of a bug in the AMP code.

As a result, Cream put all AMP services on hold, for the purpose of restarting when the time is right.

For the purpose of getting back any of the funds, Cream Finance offers the hackers their regular 10% bounty bug. Moreover, they offer a 10% bonus in the case that the hackers decide to return the funds. And if that doesn’t work, Cream turns to a different tactic. 

In particular, they offer 50% of the missing funds for any information that will lead to the arrest of the hackers. Lastly, the Cream Finance team also reveals contacting the appropriate authorities with hopes of resolving the matter:

Cream Finance has already contacted the relevant authorities to pursue all avenues available to us.Cream Finance Official Statement

It seems like Cream is under constant threat in the past few months. Especially if you consider that in February this year the protocol suffered its first cyber attack. And just as now, back then the hackers took around $29m.  Hence, we can only wait and see what the outcome of this cyber attack will be.

Whatever the case, this should only serve as a lesson for all DeFi protocols. Especially Cream Finance, who is now a victim of two multi-million heists in less than 7 months.

 

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