- Hackers stole virtually $200 million from Euler protocol on Monday.
- USDC accounted for a majority of the stolen tokens.
- Euler Labs is presently working to get well the funds.
Euler protocol is going through a distinct menace from the crypto agency collapses, crypto lawsuits, and crypto-related financial institution shutdowns which have plagued the crypto area in the current previous.
The small-cap Ethereum-based decentralized finance lending protocol was on Monday hacked resulting in the lack of crypto property value almost $200 million.
Euler flash mortgage assault
Blockchain safety agency PeckShield on Monday tweeted notifying Euler to try some fishy transactions from its platform.
Hi @eulerfinance: you might have considered trying to have a look: https://t.co/L7ddZhHNq5
— PeckShield Inc. (@peckshield) March 13, 2023
Looking at the transactions from Euler on etherscan, the hacker(s) took off with a wide range of cryptocurrencies together with 34.4 million USDC, 8.89 million DAI, 85,690 stETH, and 849 WBTC.
According to a tweet from SlowMist, one other blockchain safety agency:
“The attacker used flashloans to deposit funds and then leveraged them twice to trigger the liquidation logic, donating the funds to the reserve address and conducting a self-liquidation to collect any remaining assets.”
Euler Labs, the startup behind Euler Protocol, has nevertheless stated that it efficiently stopped the exploit and it’s presently working to get well the stolen funds in collaboration with a variety of corporations together with Chainalysis.
An replace on our work in the present day to get well funds for Euler protocol customers.
Here are a couple of actions we took instantly:
1. Stopped the direct assault as quickly as doable by serving to disable the EToken module, which blocked deposits and the susceptible donation operate
2. Engaged TRM… https://t.co/6ZClE9uGoH
— Euler Labs (@eulerfinance) March 14, 2023
Euler’s native token, EUL, down 52%
The native token of Euler, EUL, dived by greater than 52% following the revelation of the exploit.
At press time, the token was buying and selling at $3.08 down from a excessive of $6.4826 on Monday morning. And though the token value appears to have consolidated above $3, it’s not sure if the token will have the ability to maintain that stage seeing that it had dipped from its try to get well after the fall.
