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DeFi Protocols Cream Finance, Alpha Exploited in Flash Mortgage Assault; $37.5M Misplaced

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Decentralized Finance Logs (DeFi) Cream Finance and Alpha Finance fell victim to one of the biggest flash credit attacks of all time on Saturday morning, resulting in a total loss of $ 37.5 million, according to Etherscan transaction details.

Two hours later, Cream Finance said its contracts were working “normally” and the markets had been activated.

Alpha Finance then published its own announcement, according to which the product Alpha Homora V2 was the main cause. The company confirmed that it is working with DeFi guru Andre Cronje and Cream Finance to investigate the incident and that the loophole has been closed. It has also been said that they have “a prime suspect” in mind.

Cream Finance had previously tweeted an update on the incident alleging that asset borrowing from the recently launched Iron Bank credit facility had been suspended. This tweet has since been deleted.

This is the second attack on a DeFi protocol in the past two weeks. Cronjes Yearn Finance suffered an exploit in one of its DAI loan pools, according to the official Twitter account of the decentralized financial protocol. This exploit cost $ 11 million.

This story evolves and is updated.

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