Lossless DeFi help recover $16.7 Million from the CREAM Finance Exploit

Lossless has shown just what they are capable of by helping an exploited DeFi platform recover some of their lost funds. After assisting CREAM Finance in securing substantial loss, Lossless showed that they can provide susceptible protocols. 

Cream Finance is a DeFi platform that allows users to loan and borrow crypto assets. The platform had lost an estimated sum of $29 million to hackers in August through its flash loan feature. The attack was due to a bug in the smart contract, which allowed the black hat hacker to withdraw funds repeatedly in a loop before the original transaction is approved or rejected. Luckily, Lossless DeFi has successfully recovered $16.7 million out of the siphoned funds.

This is a call to other DeFi ecosystems that have been a target of hacks in the past to recover the lost funds, if possible. As part of the agreement, Cream finance has honored their 10% bug bounty and more generously paid 10% more to the white hat hacker.

Source : bsctimes

Leave a Reply

Your email address will not be published.