Breaking Market Roundup: CREAM Hack, BTC Rests, ADA Still Fourth

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In Brief
  • CREAM suffered from an exploit worth $37.5 million.

  • Alpha Homora v2 was utilized to carry it out.

  • The biggest gainer in the top 100 sees DASH jump 58%.

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In Friday’s market roundup, Bitcoin (BTC) and Ethereum (ETH) pulled back. Today, the trend remained the same.



Institutions on the Horizon

Overall, both Bitcoin and Ethereum seem to be taking a breather. Considering the institutional news covered today, with both Morgan Stanley and Grayscale (again) featuring, they’ll need it.

One important change in the crypto environment is the announcement that Purpose Bitcoin Fund launched in Canada. This is North America’s first Bitcoin ETF, and the Winklevoss twins’ Gemini Trust is handling custodial services for non-Canadian holdings. This could weigh on the SEC when it rules on Valkyrie’s bitcoin ETF application. 



CREAM Hack

The big news event of the day on Saturday was the hack of CREAM Finance, in which a hacker managed to gain $37.5 million. The flash loan exploit took place on Saturday morning UTC.

The CREAM team announced the attack as soon as comments started appearing on Twitter. The team stated shortly afterward that the exploit had been cut off and that a post mortem was underway. 

Twitter user Igor Igamberdiev @FrankResearcher showed in a series of tweets how the exploit unfolded. The hacker used Alpha Homora v2 to borrow sUSD from IronBank, and doubled the loan each time.

At the time of writing, Alpha Homora v1 is considered safe, and v2 has been patched. Moreover, CREAM and Andre Cronje are cooperating with Alpha Finance, and they have identified a suspect.

Biggest Gainer in the Top 100

At the time of writing, DASH was the biggest gainer in the top 100 on Saturday. The well-established project had a 58% jump from $161.74 to $262.17. This is down from a spike, on thin trading up to $284.09.

DASH now ranks 32nd.

Cardano Dots XRP

The contenders for fourth place in the market cap rankings all more or less drifted on Saturday. Approximately $1.5 billion in market cap separates Cardano (ADA), Ripple (XRP) and Polkadot (DOT). Moreover, only $110 million in market cap separate ADA and XRP. Could Ripple regain its strength? It was the only token of the three to gain over the last 24 hours as of the time of writing (up 6.7%). ADA was down 3.4% and DOT, down 3.5%.

Source: CoinGecko

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James Hydzik is a finance and technology writer and editor based in Kyiv, Ukraine. He is especially interested in the development of regulation in the face of increasingly rapid technological change. He previously covered the CEE region for Financial Times banking and FDI magazines. An ardent believer in gut renovating eastern Europe one flat at a time, he currently holds more home renovation gear than crypto.

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