The perpetrators who masterminded the exploitation of Cream Finance managed to transfer 607 Bitcoins (BTC) through stolen funds amounting to $1.75 million.
For context, Cream Finance is a decentralized lending protocol that provides financial services to individuals, institutions and protocols.
Through the MistTrack tracking tool, the perpetrator converted more than 1,000 ether to 80 renBTC before later converting the 80 renBTC to real BTC.
Explained, the action was made after the same address changed the stolen funds to 300 renBTC by using Ren Gateway which is a bridge in blockchain technology that allows users to transfer tokens through different blockchains.
In fact, Cream Finance suffered a theft of $130 million at the end of 2021 which caused the company's reputation to be tarnished among crypto investors including a 94% drop in the price of the CREAM token.
In addition to that, the attack was called a "flash loan" because it involved 68 different assets and cost more than nine ethers in gas costs or transaction fees.
In other words, flash loans are a method often used by attackers to obtain funds through exploitation of the decentralized financial system (DeFi).
This is because such loans allow traders to borrow unsecured funds from lenders using smart contracts instead of third parties.
Apart from the Cream Finance incident, stablecoin protocol Beanstalk lost $182 million in a flash loan attack and $1.2 million was also taken from Inverse Finance.
