Blockchain data shows that an attacker responsible for one of Cream Finance’s many exploits stole approximately $1.75million in stolen funds Monday.
Since the exploits began, 607 bitcoins have been transferred to this address.Since its launch in 2020, the decentralized finance application was used three times.
MistTrack tracked that the attacker had converted more than 1,000 Ethereums to 80 RenBTC in the early hours Monday morning. This is a representation of Bitcoin on Ethereum. The attacker converted the 80 renBTC into actual bitcoin.
This move was weeks after an attacker at the same address converted stolen funds to more than 300 renBTC in a matter of days in July. These moves were made using the Ren Gateway, which is a bridge. A bridge is software that allows users transfer tokens between different blockchains.
There have been many exploits for Cream Finance
Multiple exploits had previously been used against the lending service, including a $130m attack in late 2021. This attack damaged the company’s reputation and led to a 94% drop in its native CREAM token price. This attack was the first to exploit “flash loans” in crypto.
It involved 68 assets and cost more than nine ethers in transaction fees or gas.
Attackers use flash loans to obtain funds to exploit decentralized finance ( DeFi) systems. These loans enable traders to borrow unsecured money from lenders through smart contracts, rather than third parties.
In April, the Beanstalk stablecoin protocols was drained to $182 million in an attack on flash loans. In June, more than $1.2million was taken by Inverse Finance. In a similar attack, Nirvana was drained from $3.5 million.
Cream had already made proposals to those who were affected by the exploits. The project’s developers have been very slow to communicate with the public this year. There are not many updates on social media channels.