Moving Forward: Post Exploit Next Steps for C.R.E.A.M. Finance

CRYPTO_NEWS CREAM

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.

 

The Future

 

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.

 

Source : Moving Forward: Post Exploit Next Steps for C.R.E.A.M. Finance

Join our 60k+
tribe of Akters

Have any questions?

We're here to help.

Learn more

About the AKTIO coin

AKTIO is now live!

Learn more about the AKTIO coin

What’s new in the App?

We’re adding new features

Find out more about the App

Customer support

support@akt.io

+353 1 574 7382

Opening hours:

Monday to Friday: 9am - 5pm CET

Company

About

AKTIO coin

Careers

Learn

Blog

News

Glossary

AKT Academy

Help

FAQ

Sitemap

System Status

Follow our latest news

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Ltd, Reg number 12208424 and incorporated in the United Kingdom is the registered agent of Modulr FS Limited, a company registered in England with company number 09897919, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata Pay Europe Limited, Reg number 69028 and incorporated in Ireland is the registered agent of Modulr FS Europe Limited, a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242). Traditional currency is safeguarded as e-money in accordance with our regulatory obligations. Traditional currency will be safeguarded by a licensed bank in segregated accounts in accordance with regulatory requirements.

Automata ICO Limited, Reg number 690280 and incorporated in Ireland has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS. It is important to note that a registration as a VASP is a registration for Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) purposes only. While Automata ICO Limited does have certain financial crime control obligations under this registration, cryptoasset services remain largely unregulated. The Financial Ombudsman Service or the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Automata ICO Limited.