CREAM Finance Just Got Hacked. Dumping Hard. An Opportunity to Buy Low?

in HODL2 months ago

C.R.E.A.M. Finance's Iron Bank was just exploited and huge amount of funds were moved out by some unknown hacker.

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Therefore, it's token CREAM is being dumped hard. From a high of $296 it touched a low of $193 in a matter of an hour. It has slightly recovered to $215 at this time but imho, it's still quite low and I expect it to regain new highs sooner than later.

For more details about the exploit, check this Twitter thread by The Block research analyst Igor Igamberdiev:

A few millions of an exploit shouldn't be so devastating for a platform that has a TVL of several billions. According to AMB Crypto, the Cream Iron Bank had $6.1 billion of $AAVE locked, along with $1.07 billion of $CREAM. Also, considering the game changing Iron Bank feature of v2, which enables it for protocol-to-protocol lending solution; CREAM Finance is getting prominence in entire DeFi ecosystem.

I see a good opportunity in the frenzy of panic selling. When people panic, they just want to make an exit at all cost. Here, adventurous investors and value investors who have conviction in the team and their product take this opportunity to buy in.

Although the fall in this case is only about 30-35% but smaller the fall, quicker is the recovery. So, if you don't see any further fall, grab a bag immediately.

Cautionary note:
Evaluate your risk appetite on your own.

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Hack occur too much often!