Euler Finance Hacked Despite 10 Audits in 2 Years, Says Euler Finance CEO

Euler Labs CEO Michael Bentley said he will “never forgive” the hacker after the bug caused him to lose time with his newborn son.

Before the $196 million attack, ethereum-based lending protocol Euler Finance conducted ten independent audits over a two-year period and deemed it “no higher than low risk” and had “no open issues.”

In a series of tweets on March 17, Euler Labs CEO Michael Bentley described the “hardest days” of his life following Euler’s $196 million flash loan attack on March 13.

He retweeted a message shared by a user stating that Euler had been audited 10 times by 6 different companies, and commented that the platform “has always been a security-focused project.”

From May 2021 to September 2022, blockchain security companies such as Halborn, Solidified, ZK Labs, Certora, Sherlock, and Omnisica conducted smart contract audits on Euler Finance.

Halborn ranks its risk assessments by measuring the “likelihood of a security incident” and its likely impact, with risk levels ranging from very low and informational to serious — Euler gets “no higher than low risk.”

It revealed in its December 2022 Halborn audit summary that it had found “generally satisfactory results”.

Halborn “examined and analyzed” 23 smart contracts over the course of a month, finding only “two low-risk and three informational” risks, the summary said.

Euler said it had reviewed Halborn’s reporting and concluded the risks “do not pose a significant threat”.

Blockchain security firm Omnisica addressed some “incorrect paradigms” in Euler’s base swap implementation, and how the swap mode was “handled by the codebase” — but noted in the report that these issues had been “properly addressed by Euler.” process”, and “no outstanding issues”.

RELATED: Euler Finance Blocks Vulnerable Modules, Works to Recover Funds

On March 16, just hours after Euler offered a $1 million bounty for information leading to the hacker’s arrest, the protocol’s hackers began moving funds through cryptocurrency mixer Tornado Cash.

In his most recent Twitter post, Bentley said he would never “forgive the attacker” because he was forced to “sacrifice time” with his newborn son as a result of the attack, but thanked that he was “looking for leads” to investigate security experts.

Just 24 hours before the bounty was released, Euler issued a warning that if 90% is not returned within 24 hours, it will launch a bounty that “results in your arrest and returns all funds.”

Information source: compiled by 0x information from BITCOININSIDER.The copyright belongs to the author Anonymous, and shall not be reproduced without permission

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