By Tyler S - Cryptocurrency expert - 01-09-2021
Despite the cryptocurrency trading industry having secure ways of trading and transacting that ensure users' privacy and financial protection, some major instances still occur. Hackers are no stranger to the world of buying crypto; not all are devastating but do show the severity of the security issues when "White Hat" hackers come into play. White Hat hackers take drastic measures to prove how easy it is for someone to access and pass securities on a company platform before returning stolen goods (if they took any).
One particular protocol was not fortunate enough to have its recent attack by a White Hat. A Decentralised Finance (DeFi) lending protocol had revealed that it faced a loss of $25 million at the start of this week. It was revealed that Cream Finance had gone through a flash loan attack which resulted in the exponential loss. The protocol has already set in motion plans to refund all affected consumers that had their money stolen.
After the attack had occurred, the protocol Cream Finance took full responsibility and stated that it would ensure that 20% of funding would be reimbursed to its consumers. The company has further stated that if the attacker decides to come forward and return the money, they would be given a 10% bug bounty to the exploiter. There's another reward for up to 50% to anyone that supported in retrieving the assets. The protocol made a statement that if anyone is able to identify or even give information that could lead to the detainment of the attacker, they would split the money 50/50.
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