- A credit user could borrow up to 107 thousand BNB without putting anything up as collateral.
- To make sure the transaction was safe, they used a 1-out-2 multi-sig wallet.
- The address is from Cream Finance’s own Iron Bank and comes from the address’s credit line.
A report from the blockchain analytics company PeckShield says that there was a liquidity problem with the BSC deployment of the DeFi platform, Cream Finance.
This crisis began because a credit user could borrow up to 107 thousand BNB without putting anything up as collateral.
The credit user got 28.5k BNB on June 27. To make sure the transaction was safe, they used a 1-out-2 multi-sig wallet.
Igor Igamberdiev, who is in charge of data research at The Block, says that the address is from Cream Finance’s own Iron Bank and that the loan comes from the address’s credit line.
This means that Iron Bank has some collateral that hasn’t been made public.
When users saw that the total amount of loans was bigger than the total amount of deposits, they started to worry about how safe the protocol was, according to what they said.
When this article was written, Cream Finance had not explained why this was happening.
