Cryptocurrency News

Hacker Group Returns $17.6 Million in Stolen Funds to Cream Finance

After the hacker group managed to obtain $17.6Million in stolen funds from Cream Finance, they have now returned almost all of the funds back to the company.

Just last month, a hacker group had successfully exploited the network systems of Cream Finance and successfully managed to get away with around $17.6MIllion worth of funds.

Cream Finance has built up its reputation by giving users a chance to lend and also borrow a nice variety of assets to choose from. Just recently, the protocol managed to integrate a few more NFT tokens, such as Axie, Infinity, and a couple more.

Recently the hacker group decided to return back the stolen funds they had obtained back to Cream Finance. According to security company PeckShield, the group has already sent back almost all of the stolen funds. The multi-signature wallet hosted by Cream Finance was shared with the group in order to proceed with the return. The hacking group sent about 5,152.6 ETH, valued at around $17.6Million, back to Cream Finance, using the multi-signature wallet. The reason why the hacker group suddenly decided to send back the funds is still unclear, as no official statement was given by the hacker group regarding the incident.

There are incidents like these happening all the time, generally because of exploits that hackers manage to find out inside networks in order to gain access to assets and other precious valuables. Back in August, the AMP token had become a victim of a hacking attack. The attacker used a bug to exploit the network that gave him the ability to have a grasp on expensive flash loans, letting the hacker release funds from the contract and then transfer them elsewhere.

Cream Finance Lost Almost $34 Million in Hacking Attack

In the aftermath report, Cream Finance had apparently lost almost $34Million worth of funds in the form of Ethereum and AMP tokens. The hacker had successfully traded the AMP tokens and left out the wallet with around 5,758 ETH, as the rest of the Ethereum was transferred to a completely separate address. Looking at today’s market prices, that same amount of ETH is now valued at about $2Million.

As of now, the team at Cream Finance is yet to release an official statement about the incident.

Leave a Reply

Your email address will not be published. Required fields are marked *