Key Points:Data from Blockchain Analytics company Glassnode shows an anonymous address, identified by CreamFinance, as an exploiter, transferred 365.7 Ethereum to the cryptocurrency exchange TradeOgre, which is equivalent to nearly $600,000.
The identity of the perpetrators and details of the exploitation are still unknown. CreamFinance, the targeted Decentralized Finance (DeFi) network, has yet to issue a statement.
This case shows how easily DeFi platforms can be exploited, and how users could suffer significant financial losses. It also raises questions about the safety and control decentralized systems.
Glassnode, a blockchain analytics company, shows that an anonymous address was identified by CreamFinance to be an exploiter. The address transferred 365.7 Ethereum to TradeOgre, which is approximately $600,000. However, large transfers to TradeOgre may indicate that the exploiters are trying to liquidate illegal gains. TradeOgre’s cryptocurrency exchange platform allows users to trade, buy, and sell digital assets such as Bitcoin, Ethereum, and Litecoin. It is considered a decentralized exchange and users can open an account without revealing any personal information. This illustrates how easily exploitable DeFi platforms can be, as well as the potential for financial losses. This raises questions about the safety and control provided by decentralized systems. Platforms must prioritize security and transparency to ensure that the DeFi market grows in popularity and attracts more investors and users. Authorities and blockchain analytics companies should also be on the lookout for potential abuses and take swift action to avoid financial losses. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: CreamFinanceEthereumHackers StealTradeOgre