A month after mining for the second time this year, Cream Finance reportedly reclaimed $ 16 million in funds. Another violation of the decentralized financial protocol reportedly stole around $ 25 million from ETH and AMP.
After mining on August 31st, we are fully committed to getting the stolen funds back to our community.
We want to confirm that 5,152.6E has been restored.
– Cream Finance (@CreamdotFinance) October 1, 2021
About a month after the incident, Cream outlined a positive outcome, at least for the huge sums of money stolen. The team claims that all of their commitment to recovering the funds has resulted in the recovery of more than 5,150 ETH, and at today’s prices that equates to about $ 16 million but still a few million. Cream further stated that the parties involved in reclaiming the money had already earned a 50% bounty, but the DeFi protocol honors the traditional 10% bug bounty and allows the hacker to get 10% of the stolen funds to keep.
As recently reported, the team has vowed to refund users whose funds have been stolen, and the platform pledges to allocate 20% of all protocol fees until the debt is cleared. The group also said they would put collateral with the FLEXA / AMP team to secure the debt. The DeFi project offered hackers a normal 10% bug bounty and a 10% bonus on stolen funds if they were willing to return them. In the event that a third party is able to identify and provide valuable information that leads to the arrest of the hackers, Cream promises to share 50% of the funds collected so that authorities can trace all existing roads.
In addition, CREAM Finance will be the first DeFi platform to offer EURt to users in the DeFi area, and users of the platform will have access to the coins for credit and credit markets as demand grows space.
Users can access USD-linked tether tokens on the platform. EURt is a stablecoin that tracks the price of the euro. Tether has refused to share the data with regulators, but the controversial platform will soon announce the audits.
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