CreamFinance Hackers Try to Liquidate $3.26 Million in Ethereum

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.

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.