CreamFinance Suffers Major Loss as Hackers Transfer Over $3.26 Million in Ethereum

An anonymous address suspected of exploiting CreamFinance, a decentralized finance platform, transferred 365.7 ETH ($600,000) to TradeOgre crypto exchange.

The address has transferred a total of 2,070 ETH ($3.26 million) to TradeOgre since January 9, 2023. The nature of the exploitation and identity of the exploiter remain unknown, and CreamFinance has yet to issue a statement.

The transfers to TradeOgre suggest the exploiters are trying to liquidate their gains. The incident highlights the vulnerability of DeFi platforms and the potential for financial losses for users, as well as raises questions about security and oversight of decentralized systems.

As the DeFi sector grows, it’s crucial for platforms to prioritize security and transparency, and for authorities and blockchain analytics firms to monitor and respond quickly to potential exploits to minimize damages.