Finance Redefined: Swindling the lender and a $100M pot, Aug. 30–Sept. 3

Finance Redefined: Swindling the lender and a $100M pot, Aug. 30–Sept. 3

Welcome to the latest iteration of Cointelegraph’s DeFi newsletter.

Just as quickly as the summer departed from our calendars, millions of funds were hacked from the wallets of Cream Finance.

This has been another jam-packed week in the decentralized finance, or DeFi, space. Here are some top picks for the biggest stories on what is my debut appearance as Finance Redefined’s newsletter writer.

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What you’re reading is the shorter, snappier version of the newsletter. For the full roundup of DeFi developments across the week delivered directly to your inbox, subscribe below.

Cream of the crop

This week’s cream-of-the-crop story (pun intended) was the news that lending protocol Cream Finance joined the growing list of hacker victims from the world of DeFi.

Following diligent analysis from blockchain security expert PeckSheild, it was identified that the hacker exploited a reentrancy bug introduced by the Amp token, resulting in a total acquisition of 5,758 Ether (ETH), equal to $19 million.

A few days on, Cream Finance released a

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