Moving Forward: Post Exploit Next Steps for C.R.E.A.M. Finance
Dear C.R.E.A.M. Community and Partners,
The C.R.E.A.M. Finance V1 Ethereum markets were exploited on October 27th, at block number #13499798, with a total impact of $130-million USD.
We appreciate your support as we work through the next steps for C.R.E.A.M. Finance and what this means for everyone. We explored every option that was available to us before arriving at the conclusion that this is the best path forward.
The Path Forward
We will distribute 1,453,415 CREAM tokens to impacted users. We are utilizing remaining CREAM tokens within the treasury, and removing the project team’s remaining CREAM token allocation. There will be no further CREAM allocations to the team.
The Claim Process
Impacted users can claim their CREAM tokens from https://app.cream.finance/claim at this time. This claim process will be available for 1 year from the time of this post. Users who have successfully made full insurance claims with Nexus Mutual or Bridge Mutual will not be eligible to claim CREAM unless they were not covered 100% by insurance. In such cases where users received partial coverage, their CREAM allocation will be proportionate to the amount that was not covered by insurance.
The CREAM allocation for each account is be based on their net position (Supply — Borrow) at the time the V1 markets were frozen (block number #13535273). This position is priced at the block before the exploit and the user will receive a pro-rata amount of CREAM tokens based on their loss relative to the total impact. Tokens will be claimable for 1 year from the time of this post.
There is no change to users who have staked their CREAM for iceCREAM, as they will continue to get distributions from protocol fees. There is also no change to users who have locked their CREAM in the long-term staking pools.
We will continue our focus on growing the Iron Bank by expanding protocol-to-protocol loan offering as well as leaning further into synthetic assets with the Iron Bank Fixed Forex tokens and ecosystem.
On the security front, we have tightened our token listing strategy to no longer include long-tail assets nor tokens that can be wrapped/unwrapped. Collateral Cap limits are deployed across all markets to increase security, while additional monitoring and alerting solutions are undergoing assessment and implementation.
Thank you all for your support as we move forward.