Euler Finance DeFi Protocol Hacked, $197 Million Suspected Stolen

Key Points:

• Euler Finance, a DeFi protocol offering on-chain lending services, has been attacked by millions of dollars or more suspected to have been stolen.
• The latest analysis reveals that various cryptocurrencies were stolen in the attack, including stETH, USDC, DAI, and WBTC, with a total equivalent value of over $197 million.

Euler Finance, a decentralized finance (DeFi) protocol that offers on-chain lending services, has reportedly been attacked. The blockchain security firm BlockSec has monitored the situation and suspects that over $197 million or more may have been stolen in the attack.

The attack on Euler Finance highlights the ongoing security concerns in the DeFi space, where smart contracts are vulnerable to exploitation by hackers. According to the latest analysis, there has been a loss of the following data:

• DAI: 8,877,507.35
• WBTC: 849.14, equivalent to $18,519,069.78
• stETH: 73,821.46, equivalent to $116,725,471
• USDC: 34,413,863.42, equivalent to $33,859,800.22
• stETH: 3,897.50, equivalent to $6,226,536.04
• stETH: 8,099.30, equivalent to $12,889,232.21

As per the findings of MetaSleuth, the perpetrator is believed to be connected to the deflation attack that took place a month ago. The attacker leveraged the Multichain MultichainOrg bridge to move the funds from Binance Smart Chain to Ethereum and executed the latest attack today.

Euler Finance completed a $32 million financing round last year, with participation from notable firms in the cryptocurrency industry such as FTX, Coinbase, Jump, Jane Street, and Uniswap.

DeFi protocols have been booming in popularity, as they offer a decentralized alternative to traditional financial services. However, this growth has also attracted the attention of hackers looking to exploit vulnerabilities in the protocols.

As the DeFi space continues to grow and evolve, it is crucial for developers and investors to prioritize security. The use of decentralized systems brings many benefits, but it also introduces new risks that must be mitigated. With the involvement of major players in the industry, such as FTX, Coinbase, and Uniswap, the attack on Euler Finance underscores the importance of due diligence in assessing the security of DeFi protocols

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News