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Author: Don Obrien

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.
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