DeFi Protocol Cream Finance Loses $130 Million in Latest Crypto Hack 27
DeFi protocol Cream Finance suffered yet another hack this year after an exploit stole at least $130 million in what could be one of the largest thefts in decentralized finance. From a report: The attack on the Ethereum-based lending protocol was first reported by The Block Crypto, which cited a tweet by PeckShield highlighting a large flash-loan transaction that carried out the theft. The burgeoning DeFi landscape has drawn in billions of dollars in investor funds, but it has been a frequent target by hackers, with many using flash loans -- a type of uncollateralized lending -- as a way to exploit poorly protected protocols. Cream was involved in similar attacks that stole nearly $38 million in February and almost $19 million in August, according to The Block. Meanwhile, a hacker stole $600 million worth of crypto tokens from the PolyNetwork protocol in August in what is considered to be the largest DeFi hack ever.
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Perhaps these folks [imgur.com] are cut from the same block of cheese [vice.com].
Re:These numbers are too large to be real (Score:4, Insightful)
Pretty soon we're going to have real banks using this crap for dodgy crap like Credit Default Swaps if this goes on.
That's the idea. Then when it all comes crashing down, the rich folks who knew enough to stay away from the dumpster fire are able to buy low and increase their holdings. It's like when Trump said that the housing market collapse was actually a good thing, because it was an opportunity for folks with the means to snatch up some cheap real estate.
It's wealth redistribution, but from the rich to the rich (and that's the way they like it).
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Anyone who bought BTC at ATH in 2017 would more than double their money if they sold today. If they had sold last week at the new ATH, they would have tripled it instead.
Anyone who bought ETH at ATH in 2017 would be up ~2.9x today.
"Bro" ain't really wrong.
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BTC just keeps going up though. It isn't a pump-and-dump if all it does is pump.
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Indeed its undeniable there has been a huge opportunity to make a lot of money in crypto-currencies.
While people with large amounts of coins are holding them, or otherwise can't or won't trade them market scarcity means obtaining one in exchange for some other currency is an expensive proposition. However it remains to be seen how durable the demand is. The vast vast majority of people have not crypo-coins, have never had a crypto-coin, and could not begin to explain how it all works. So.. how durable is th
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Currently there's nothing stopping people from buying low to increase their holdings regardless of their station in life. Ethereum sold for as little at $90/token late in 2018, and more than a few snapped up ETH at that price. There were some other bargains as well. Someone in the lower-middle class with the discipline to drop a paycheck on ETH at that time and hold on to it for awhile would gain more than a year's income if they sold it today. Flip that to something like USDC or DAI and repeat the proce
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I don't know if that was aimed at me, but I only encourage people to buy in after a crash, not during a bull run. Buy low, sell high! You can still potentially profit on an upswing (see: people who bought BTC @ $20k in 2017) but that limits your upside.
Finance Creamed (Score:2)
Why am I not surprised that a decentralized Cream Finance got skimmed? You need Farmer Bob guarding that thing with a load of rock salt!
The ether isn't going to keep your money safe.
Does not parse (Score:4, Insightful)
Seriously, what the f*ck?
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There was a chance to allude to "decentralized finance (DeFi)" but gotsdammit does anyone have any language skills anymore?
Unambiguous communication to general audiences is a must. Even if you're all nerds.
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Good! (Score:4, Informative)
I sincerely hope all Craptocurrency eats its own to death.
(And with it so will all Ransomware).
Die Craptocurrency. Die Die Die!
Just because (Score:2)
People learn best from mistakes. (Score:2)
One could spend ions trying to show people DeFi risks stemming from various factors, but most of it will fall of deaf ears from people infatuated with new technology. However, people usually learn best from disasters (case in point, the FAA, where most regulations come after accidents). Showing people why the agile "deploy now, fail fast, fix it in next release" development has its drawbacks is best illustrated when those drawbacks cost a lot of money. Go hackers! You are helping to create a more secure wor
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I'm counting over a billion dollars in losses on DeFi related activities. My 4 year degree cost 50K so that would pay for 20,000 degrees worth of learnin'.
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Smart contract auditing is a thing. They don't need to screw up that often . . .