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In a press release today, C.R.E.A.M. Finance announced a new feature for (and, by proxy, an unofficial relaunch of) Iron Bank, the protocol-to-protocol lending platform designed for flash and undercollateralized loans.
C.R.E.A.M., which founder Leo Cheng describes as “the yolo-est Compound fork,” is a money market designed to cover assets that are “underserved” and allow for greater capital efficiency for decentralized finance power users, listing assets such as Yearn vault tokens and liquidity pool tokens.
“We’re adding assets that people want to have but others may be scared of,” said Cheng.
March update: should you buy or sell ALPHA? invezz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from invezz.com Daily Mail and Mail on Sunday newspapers.
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The DeFi protocol Paid Network has been exploited via a vulnerability that allowed an attacker to create millions of new tokens.
Millions Dumped By Hacker
On Mar. 5, an unknown hacker exploited Paid Network’s smart contract and created over 59.4 million PAID tokens worth $166 million at the attack time.
“The attacker used a compromised private key to the original contract deployer to leverage the smart contract’s upgrade function. The attacker then proceeded to ‘upgrade’ to a new smart contract that had the ability to burn and re-mint tokens,” the team said.
Soon, the hacker moved on to selling the illicitly-created 2,501,203 $PAID tokens on Uniswap for 2,040.4339 ETH (about $3 million at the time).
A yield farming project on BSC has been hacked for $31 million.
Their website, twitter account, and telegram channel are all down, suggesting a rug pull by creators.
The hackers are using DeFi avenues to move the stolen tokens.
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The BNB-BUSD yield farming “Vault 1” of the DeFi application Meerkat finance, a clone of Yearn Finance on Binance Smart Chain, was drained for $31 million this morning.
Meerkat Finance Hackers Tinker With Smart Contract
The hackers implemented a change in the ownership of the smart contract address on Meerkat Finance at 9 am UTC. Soon after, they began withdrawing from the smart contract to multiple addresses.
Alpha Finance Lab announced its decision to move Alpha Homora to Binance smart chain. As a result, ALPHA price has risen by more than 35% in the past few