Cream Finance Exploiter Moving Funds Over 16 Months After Hack, Here’s Why
30 Janeiro 2023 - 7:00PM
NEWSBTC
The Cream Finance exploiter is moving funds, more than 16 months
after hacking the DeFi protocol, stealing over $136 million of
various crypto assets. Related Reading: Bitcoin Mining Difficulty
Touches New ATH Following 4.68% Adjustment Cream Finance Exploiter
Transfers Funds According to CertiK, a blockchain analytic
platform, the exploiter moved 365.69 ETH, worth roughly $600,000 at
spot rates, to a new address. The amount is part of the over $136
million tokens stolen in late October 2021. #CertiKSkynetAlert 🚨
Cream Finance exploiter 0x70747df6ac244979a2ae9ca1e1a82899d02bbea4
sent ~$600K (365.69 ETH) to address
0x4648451b5f87ff8f0f7d622bd40574bb97e25980 Stay vigilant!
pic.twitter.com/IpFdzctstp — CertiK Alert (@CertiKAlert) January
30, 2023 Funds were moved to another address. It is not yet clear
what the hacker intends to do with the $600,000. Cream Finance is a
blockchain-agnostic DeFi protocol deployed on Ethereum, Fantom,
Polygon, and the BNB Smart Chain (BSC). It was forked from
Compound, a competing lending platform, and remains open source.
Cream Finance offers a wide range of services, including lending,
yield farming, and token exchange. CREAM, the governance token of
Cream Finance, is changing hands at $12.83 when writing on January
30. In crypto, addresses holding stolen funds are always marked and
therefore tainted. It makes it hard for hackers to launder stolen
funds on centralized exchanges or other platforms without being
identified. The decision by platforms to join hands to combat money
laundering from crypto and DeFi hackers is bearing fruits. These
platforms, mostly centralized exchanges like Binance, Coinbase, or
Huobi, allow users to purchase fiat currencies, including the USD,
JPY, or Euro, and are compliant with applicable know-your-customer
(KYC) and anti-money laundering (AML) rules. This means agents
trying to launder funds through these portals can be mapped out in
the real world and prosecuted. By picking out this transfer, CertiK
is updating the crypto and DeFi community that the perpetrator of
the hack is still active and trying to shuffle funds through
various addresses. However, considering the transparent nature of
underlying blockchains, including Ethereum, it is easy to track
transactions despite the sender’s private identity. Any mistake on
the hacker’s end can lead to their IP address being uncovered or
their identity decrypted, bringing them to the custody of law
enforcement agents. To counter this possibility and conceal their
tracks, hackers use crypto mixers like Tornado Cash. Despite the
United States Treasury Department banning citizens from using
mixers like Tornado Cash, users prefer the tool. Many users are
hackers wishing to cash out the funds anonymously. DeFi Under
Attack In late October 2021, Cream Finance was hacked for over $136
million. The hacker targeted the protocol’s v1 lending market,
siphoning several ERC-20 tokens and CREAM governance tokens.
Through a series of flash loans, the attacker manipulated the
protocol’s yield, allowing for borrowing more assets than
collateralized. The attack was the protocol’s third in 2021,
questioning the security of DeFi dApps against determined
attackers, some of whom might be sponsored by governments like
North Korea. In mid-January, Lazarus Group, a hacker cell
associated with North Korea, attempted to launder $63.5 million. We
detected Harmony One hacker fund movement. They previously tried to
launder through Binance and we froze his accounts. This time he
used Huobi. We assisted Huobi team to freeze his accounts.
Together, 124 BTC have been recovered. CeFi helping to keep DeFi
#SAFU! 🙏 — CZ 🔶 Binance (@cz_binance) January 16, 2023 Related
Reading: Dogecoin: Can Elon Musk’s McDonald’s Offer Give DOGE A
‘Happy’ Price? However, Binance and Huobi picked out their
transfers and froze assets. Funds were part of the amount stolen
from the Harmony Bridge hack.
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