Recently, hackers stole approximately $130 million from the compromised Cream Finance platform. Apparently, the attackers managed to completely compromise the service's security. Experts believe the criminals exploited a bug that wasn't patched in time. Unfortunately, such findings won't lead to the recovery of funds. However, it's possible that the platform will be made more secure in the future. Because, for now, Cream Finance's information security leaves much to be desired.
Who are Cream Finance, information security vacancies Moscow without experience
Cream Finance is primarily a decentralized peer-to-peer service. It allows for the exchange and tokenization of digital assets. Cream Finance also offers payment, borrowing, and lending services. The platform most frequently works with cryptocurrencies such as Fantom, Ethereum, and Binance Smart Chain. Today, a huge number of users worldwide utilize Cream Finance's services for transactions. This model is especially convenient for business owners, as it allows them to take out various cryptocurrency loans secured by real assets. This is according to information security experts (job openings in Nizhny Novgorod ).
However, the Cream Finance platform is very unlucky. In February 2021, it was attacked by hackers for the first time. The attackers managed to steal $37 million in cryptocurrency. Then Cream Finance was able to restore its work quite quickly. But six months later, hackers again crept into the platform's internal network. Then they were able to steal another $29 million. And now there has been a third attack. According to experts, such incidents happen quite often with cryptocurrency exchanges. However, only a few of them remain on the market after that.
Third Attack on Cream Finance
However, hackers managed to find a new vulnerability in Cream Finance's security system and launched another attack. This time, the bug turned out to be in the platform's design, specifically in the instant loan system. Using this system, Cream Finance users could take out cryptocurrency loans using the company's own funds. The hackers managed to steal not only the company's cryptocurrency assets but also its tokens. As a result, the platform's information security was significantly weakened.
Cream Finance representatives have already confirmed the latest compromise. They also assured users that they will work to improve their security system. However, it's difficult to say how successful they will be, as hackers can penetrate the internal network in a variety of ways, including:
- using phishing;
- using social engineering;
- taking advantage of vulnerabilities on the site and in the system.
Surprisingly, Cream Finance representatives are quite optimistic. Perhaps the company has financial reserves no one knows about. But typically, when a company's funds are stolen on such a scale in a single year, the company disappears from the market. Perhaps most of the organization's funds are insured. But no insurance company will pay out insurance payments indefinitely, especially if the client makes no effort to improve their information security.
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