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Hackers Transfer Over $3.26 Million in Ethereum from CreamFinance

1 min
Updated by Ali Martinez
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In Brief

  • An anonymous address has transferred 365.7 ETH, worth approximately $600,000, from CreamFinance to TradeOgre.
  • The exact nature of the exploitation and the identity of the exploiters remain unknown.
  • This incident highlights the ongoing vulnerability of DeFi platforms.
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An anonymous address labeled as an exploiter by CreamFinance has transferred 365.7 Ethereum, worth approximately $600,000, to the crypto exchange TradeOgre, according to data from blockchain analytics firm Glassnode.

This marks the latest in a series of large transfers from the address, which has reportedly sent a total of 2,070 Ethereum, worth around $3.26 million, to TradeOgre since January 09, 2023.

Hackers Ethereum CreamFinance
Source: EtherScan

CreamFinance Hackers Attempt to Liquidate Assets

The exact nature of the exploitation and the identity of the exploiters remain unknown, and CreamFinance, the decentralized finance (DeFi) platform that was targeted, has yet to release a statement on the matter. However, the large transfers to TradeOgre suggest that the exploiters may be attempting to liquidate their illicit gains.

TradeOgre is a crypto exchange platform that allows users to buy, sell, and trade digital assets such as Bitcoin, Ethereum, and Litecoin. It is considered as a decentralized exchange and does not require any personal information to create an account.

This incident highlights the ongoing vulnerability of DeFi platforms to exploitation and the potential for significant financial losses for users. It also raises questions about the security and oversight of decentralized systems, as well as the ability of authorities to track and prosecute those responsible for such exploits.

As the DeFi space continues to grow in popularity and attract more users and investments, it’s important for platforms to prioritize security and transparency to protect users’ assets and promote trust in the ecosystem. It’s also crucial for authorities and blockchain analytics firms to monitor and respond quickly to potential exploits to mitigate any financial damages.

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

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Ali Martinez
Ali Martinez is the Global Head of News at BeInCrypto, specializing in market analysis, emerging trends in the crypto industry, Bitcoin’s four-year cycle, and macroeconomic developments. Previously, he covered the altcoins market for Crypto Briefing, CryptoSlate, CCN.com, and NewsBTC. His reporting focused on the ICO boom, Ethereum's evolution, Bitcoin halvings, and network upgrades like hard forks and soft forks, emphasizing the impact on digital asset valuations. At Binance and FXStreet...
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