Recently an attacker has successfully managed to pull a massive exploit of $37.5 million by targeting 2 decentralized protocols, namely Cream Finance along with Alpha Finance on the morning of 13th February, Saturday.
The space of DeFi has experienced another attack and the 2 protocols of Cream Finance, as well as Alpha Finance, has been adversely affected by this. Although the entire detail of this attack is yet to be revealed, it appears that this exploit took place in the smart contracts of Alpha Finance.
Another Exploit Leads To Huge Loss To Cream Finance
The team of Cream Finance has already confirmed that they were in the process of investigating a probable exploit in the morning today on Twitter. In addition to this, they also informed that their contracts have been functioning in a usual manner so far.
Right after this statement, Alpha Finance had posted that the product of Homora V2 was the main cause of this enormous exploit. They have also confirmed that they are working with Cream Finance as well as Andre Cronje in order to look into this grave matter and find out the loophole in the system that needs to be fixed as soon as possible. They further added that their prime suspect is currently being investigated thoroughly.
The borrowing from Homora V2 of Alpha has also temporarily been stopped for the time being. Another Etherscan transaction has revealed that this attack is valued at a whopping $37.5 million. Additionally, a huge chunk of almost 13,244 ETH was loaned out.
These two DeFi protocols are the leading protocols and this attack only shows the potential risk present inside the system.
