Cream Iron Bank $36M Flash Loan Attack: Markets Re-Enabled While Asset Borrow Is Paused
Following the Cream Iron Bank flash loan attack, preliminary findings of a probe have shown that contracts and markets still function normally. As a result, markets have now been re-enabled while the asset borrowing function has been paused. The Cream team also reveals that investigations are continuing.
The Exploit
After the exploit, the value of the Cream protocol token plummeted from just over $280 on February 12 to $186.48 24 hours later. At the time of writing, Messari data shows that the token had recovered although it has remained mostly under $230.
$37.5 Million stolen from Alpha Finance in another DeFi attack
Last Updated: 13 February 2021
A recent report revealed that a hacker has succeeded in stealing $37.5 Million from Decentralized Finance (DeFi) projects Alpha Finance in a flash-loan attack.
Although many initially suspected that the vulnerability was found in Cream Finance, the latest finding showed that the exploit was visible in the Alpha Hormora V2 product.
This is not the first flash-loan attack, but it’s the largest ever. After the DeFi Cream Finance posted its details, indicating that the hack didn’t come from the protocol, Alpha finance posted an update on the Alpha Homora V2 as the origin of the exploit.
If the price jumps above $2.5 resistance, the next price target could be around $3
If you decide to trade ALPHA in February, you should use a stop-loss order
ALPHA price has skyrocketed this January; in less than 30 days, it has advanced from $0.17 above $2.4. ALPHA could increase even more in the ongoing bull market if you decide to buy ALPHA, you should use a “stop-loss” order because the price could also collapse.
Fundamental analysis: Alpha Finance platform faces several challenges
Alpha Finance is a decentralized protocol that supports various products and has its native coin under the symbol ALPHA. ALPHA price has exploded since the beginning of January, and for now, there is no sign of the trend reversal.
Market Analysis
ALPHA, the governance token of Alpha Finance Lab, has surged 152% in the past week. It is now the 85th most valuable cryptocurrency in the global market, breaking into the top 100 in a short period.
Behind its meteoric rally are three key factors, namely the rapidly rising total value locked (TVL) of Alpha Homora, the overall positive market sentiment around decentralized finance and the imminence of Alpha Homora V2.
ALPHA/USDT 15-min price (Binance). Source: TradingView.com
What is ALPHA, Alpha Homora and AlphaX?
Alpha Homora is essentially a protocol that enables users to yield farm using leverage.
The term yield farming means the process of providing liquidity to DeFi protocols to earn sustainable yield or APY. By using leverage, Alpha Homora allows users to provide liquidity to pools more efficiently.
Yearn.finance Founder Andre Cronje Drops Hints About v2 Vaults
Reading Time: 2min read
Yearn.finance (YFI), a leading decentralized finance protocol, has been hyping up the launch of its v2 Vaults.
While Yearn.finance is an umbrella DeFi ecosystem, it is currently best known for its Vaults product. Vaults are contracts where users can deposit cryptocurrencies such as Ethereum, USDC, YFI, and others to earn a regular yield paid in the coin they deposit. Vaults allow holders of cryptocurrency to earn passive income on their holdings. The v2 iteration of these Vaults are expected to boost returns, and as a result, drive more capital to YFI holders and more value to the overall Yearn ecosystem.