CREAM prices fell again and continued their decline in less than a month, with defi money market prices and credit services falling for the second time in 30 days on Saturday. The first happened after an attack on CREAM’s token and the last happened when Cream announced plans to compensate victims.
CREAM said it will issue approximately 1.45 million tokens from the service’s till to some of the members affected by the attack.
According to Coinmarketcap, Cream has around 9 million coins in circulation. However, the rapid circulation and expansion of coins will inevitably affect demand and the price per coin. According to MEssarei, the price of the coin fell about $ 88 to $ 51.78 before climbing back to $ 56.44 and in the most recent trade. Before mining, CREAM was trading above $ 152.
Saturday’s slump was compounded by the fact that most funds with established assets like ether were wound down. Getting refunded with a lesser-known cryptocurrency like this one can leave a sour taste in the months following the surge in coins in circulation, which is usually not a real factor. However, since many victims of these attacks never get any part of the compensation, one watered down coin is still better than nothing.
As recently reported, CFinance suffered yet another hack attack, which was the third time the Defi log was hacked. The DeFi platform is a borrowing and lending protocol that runs on the Ethereum network and the attack, a quick loan identified by PeckShield, resulted in the loss of ice cream tokens. However, this is the first time the platform has suffered a major attack. In February, hackers fetched $ 37.5 million in a flash credit attack and increased the price of CREAM by 30% in an hour. These frequent attacks have led viewers to demand more consumer protection in the DeFi industry, including the chairman of the Securities and Exchange Commission. Gary Gensler. Speaking at the Yahoo Finance All Markets Summit, he said the decentralized space will not end well unless stronger consumer protection is put in place.