Cream Finance Reports Recovering $16M of the Stolen Funds
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
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