A Month Later: Cream Finance Reports Recovering $16M of the Stolen Funds

#Ripple #XRP

Roughly a month after getting exploited for the second time this year, Cream Finance has reported that it has recovered more than $16 million of the funds.

• CryptoPotato reported on August 31st this year when the decentralized finance protocol Cream Finance suffered another security breach – this time, roughly $25 million in ETH and AMP were stolen.
• At the time, the team behind the project promised to investigate the manner and provide frequent updates.
• Now, approximately a month after the incident, Cream outlined a positive outcome, at least for a large chunk of the stolen funds.
• The team asserted that its full commitment to retrieving those funds has led to the recovery of over 5,150 ETH. With today’s prices, this amount represents more than $16 million. Nevertheless, there’re still several million left.
• Cream further explained that the parties involved in the retrieving of the funds had earned a 50% bounty. Also, the DeFi protocol has honored its traditional 10% bug bounty and has allowed the hacker to retain 10% of the stolen funds.

We would like to thank our community for the great support, with special thanks to @losslessdefi and @pcaversaccio who have earned the 50% bounty.

Thanks to them we were able to track down and identify the hacker who we immediately engaged.

— Cream Finance (@CreamdotFinance) October 1, 2021

OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow