According to data from blockchain analytics firm Glassnode, an anonymous account designated as an exploiter by CreamFinance sent 365.7 Ethereum, worth about $600,000, to the crypto exchange TradeOgre.
This is the latest in a string of huge payments from the address, which has reportedly transmitted a total of 2,070 Ethereum, valued at around $3.26 million, to TradeOgre since January 9, 2023.
The precise nature of the exploitation and the identities of the exploiters are unclear, and CreamFinance, the targeted decentralized finance (DeFi) network, has yet to state the topic. The big transfers to TradeOgre, on the other hand, show that the exploiters are seeking to liquidate their unlawful earnings.
TradeOgre is a cryptocurrency exchange site where users can buy, sell, and trade digital assets including Bitcoin, Ethereum, and Litecoin. It is a decentralized exchange that does not require any personal information to open an account.
This event illustrates DeFi systems’ continuous susceptibility to exploitation and the possibility of considerable financial losses for consumers. It also calls into question the security and governance of decentralized networks, as well as authorities’ capacity to trace down and prosecute individuals guilty of such attacks.
As the Defi market grows in popularity and attracts more users and investments, platforms must prioritize security and transparency to secure users’ assets and foster confidence in the ecosystem. It is also critical for authorities and blockchain analytics businesses to monitor possible attacks and respond fast to avoid financial losses.