In Brief:
- CREAM announced a plan to pay back victims of a cyberattack through 1,453,415 CREAM tokens.
- Users can claim their lost funds in a year from 14th November.
- After the announcement, The CREAM tokens took a sharp fall for the second time in a month.
The decentralized lending protocol CREAM finance announced a compensation plan for its users, who have lost their investment in the platform due to the recent hack.
On Oct 27, the company became a victim of a Flash loan attack, and block number #13499798 was compromised by attackers. This incident resulted in a $130 million loss.
Now the company came forward to help investors to pay their remuneration through the company’s native CREAM tokens. Yesterday, the company revealed its plan to pay back its users by distributing 1,453,415 CREAM tokens.
According to Claim details,
- Users can claim their lost funds in a year from 14th November on their website.
- The users who have insurance with Nexus Mutual or Bridge Mutual are not included in Fund claiming unless they were compensated only partially and not 100% through their insurance.
- The Insurance holders can claim partial funds if insurance doesn’t pay them 100% fund.
- The claim excludes those users who staked their tokens in long-term staking pools or in iceCREAM.
After the announcement of compensation, CREAM tokens registered a second sharp fall in a month. The first plunge came right after the cyber attack. The price fell from $88 to $51.78, which is almost a 58.84% fall in a day.
Investors worry that newly minted tokens will inflate the Cream token supply and the overtime value of Cream tokens may continue to the dropdown.
