In today’s hack, attackers drained millions of dollars in DAI, USDC, StETH and WBTC dollars in a flash loan attack.
In the largest hack so far in 2023, attackers were able to conduct multiple transactions, netting more than $195 million in various cryptocurrencies and stablecoins.
We know and our teams are currently working with security professionals and law enforcement. We will post further information as it becomes available. https://t.co/bjm6xyYcxf
— Euler Labs (@eulerfinance) March 13, 2023
Many in the industry have condemned the attack on Euler, which is innovating with liquidity-staking derivatives, which, for example, allow stakers on Ethereum to release the liquidity of their staked crypto and use it elsewhere.
According to the statistics of the smart contract audit platform Blocksec, the details of the actual stolen funds are as follows:
Source: Blocksec Google Spreadsheet
The current hack against Euler Finance is just another in a long string of hacks over the past few years. Given that almost all decentralized finance projects open-source their code, hackers are able to find ways to obtain assets.
Headquartered in the UK, Euler Finance builds a non-custodial agreement and is governed by a DAO. The $EUL token is down as much as 61% on the day to $2.33. At press time, the price has recovered to $3.36.
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