Hackers stole nearly $200 million from Euler protocol on Monday.
USDC accounted for a majority of the stolen tokens.
Euler Labs is at present working to recuperate the funds.
Euler protocol is going through a unique 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 belongings value practically $200 million.
Euler flash mortgage assault
Blockchain safety agency PeckShield on Monday tweeted notifying Euler to check out some fishy transactions from its platform.
Hi @eulerfinance: it’s your decision 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 quite a lot 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 at present working to recuperate the stolen funds in collaboration with numerous corporations together with Chainalysis.
An replace on our work at this time to recuperate funds for Euler protocol customers.
Here are just a few actions we took instantly:
1. Stopped the direct assault as quickly as attainable by serving to disable the EToken module, which blocked deposits and the susceptible donation perform
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 isn’t sure if the token will have the ability to maintain that degree seeing that it had dipped from its try to recuperate after the fall.
