{"id":52850,"date":"2021-11-14T12:38:03","date_gmt":"2021-11-14T10:38:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52850"},"modified":"2025-09-03T12:13:17","modified_gmt":"2025-09-03T09:13:17","slug":"cream-finance-token-price-plunges-after-announcement-of-user-reimbursement-plan","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cream-finance-token-price-plunges-after-announcement-of-user-reimbursement-plan\/","title":{"rendered":"Cream Finance token price plunges after announcement of user-reimbursement plan"},"content":{"rendered":"<p>The price of the <span data-descr=\"decentralized finance\" class=\"old_tooltip\">DeFi<\/span> protocol&#8217;s Cream Finance token fell by more than 35% after the developers announced a program to reimburse users affected by the October hack.<\/p>\n<p>Among the affected, more than 1.45 million CREAM will be distributed. To do this, the project&#8217;s treasury assets and tokens allocated to the developers will be used. The latter will no longer receive allocations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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\u2019s remaining CREAM token allocation. There will be no further CREAM allocations to the team.<\/p>\n<p>\u2014 Cream Finance \ud83c\udf66 (@CreamdotFinance) <a href=\"https:\/\/twitter.com\/CreamdotFinance\/status\/1459532402137526275?ref_src=twsrc%5Etfw\">November 13, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Users who managed to obtain reimbursements through the Nexus Mutual and Bridge Mutual insurance projects do not participate in the program. Cream Finance noted that staking participants will continue to receive rewards \u2014 this also applies to long-term CREAM pools.<\/p>\n<p>The project team will focus on developing the Iron Bank protocol (the second version of Cream Finance). The developers have tightened the token-listing strategy and set caps on collateral requirements across all markets, and begun implementing &#8220;additional monitoring and alerting&#8221; solutions.<\/p>\n<p>As of writing, CREAM was trading around $56 \u2014 on November 13 the price was above $86. Before the attack, the token had traded for over $155.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"458\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CREAMUSDT_2021-11-14_12-07-46-1024x458.png\" alt=\"Cream Finance token price collapsed after reimbursement announcement for users\" class=\"wp-image-155948\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/CREAMUSDT_2021-11-14_12-07-46-1024x458.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/CREAMUSDT_2021-11-14_12-07-46-300x134.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/CREAMUSDT_2021-11-14_12-07-46-768x344.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/CREAMUSDT_2021-11-14_12-07-46-1536x688.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/CREAMUSDT_2021-11-14_12-07-46.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Hourly chart of CREAM\/USDT on FTX. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/CREAMUSDT\/\">TradingView<\/a>.<br \/><\/figcaption><\/figure>\n<p>The price drop is linked to an increase in supply \u2014 assets previously held by the project&#8217;s treasury and by the developers will enter the market. According to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/cream\">CoinGecko<\/a>, 766,534 CREAM are in public circulation, though that number will now rise significantly.<\/p>\n<p>Back in 2021, Cream Finance was hacked three times. In February, an unknown attacker exploited a vulnerability in Iron Bank and <a href=\"https:\/\/forklog.com\/en\/news\/hacker-drains-37-5-million-from-cream-finance-defi-protocol\">withdrew tokens totaling $37.5 million<\/a>. <\/p>\n<p>In August, the project <a href=\"https:\/\/forklog.com\/en\/news\/hackers-drain-more-than-18m-from-cream-finance-defi-protocol\">was attacked<\/a> via a flash loan. The damage amounted to 462,079,976 AMP and 2,804 ETH (more than $18 million).<\/p>\n<p>On September 8, the hacker <a href=\"https:\/\/forklog.com\/en\/news\/cream-finance-defi-protocol-hacker-returns-17-6-million\">transferred most of the stolen amount<\/a> to the project&#8217;s multisig wallet totaling 5,152.6 ETH.<\/p>\n<p>In October, the protocol developers confirmed that they <a href=\"https:\/\/forklog.com\/en\/news\/cream-finance-reports-recovery-of-5152-6-eth-after-hack-hacker-received-10-of-the-stolen-funds\">had managed to recover 5,152.6 ETH<\/a>. The hacker was allowed to keep 10% of the stolen funds \u2014 about 515 ETH as a reward for the discovered bug.<\/p>\n<p>In the same month, an unknown <a href=\"https:\/\/forklog.com\/en\/news\/cream-finance-defi-protocol-hacked-again\">drained $130 million<\/a> from Cream Finance. To do this, he used a flash loan as part of a complex transaction.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cream Finance&#8217;s DeFi token fell by more than 35% after developers announced a reimbursement program for users affected by October&#8217;s hack.<\/p>\n","protected":false},"author":1,"featured_media":52851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2101,1093,596],"class_list":["post-52850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cream-finance","tag-defi","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/52850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=52850"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/52850\/revisions"}],"predecessor-version":[{"id":52852,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/52850\/revisions\/52852"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/52851"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=52850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=52850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=52850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}