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

The Claim Process

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

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.

C.R.E.A.M Finance is a decentralized lending protocol. Crypto Rules Everything Around Me.