Euler Finance’s DeFi protocol has been hacked. The damage amounted to more than $196 million.
Our system monitored that @eulerfinance is being attacked. Please take action!https://t.co/lINtjcN1Un
— BlockSec (@BlockSecTeam) March 13, 2023
The project team confirmed the incident:
“We are aware, working with security professionals and law enforcement.”
We are aware and our team is currently working with security professionals and law enforcement. We will release further information as soon as we have it. https://t.co/bjm6xyYcxf
— Euler Labs (@eulerfinance) March 13, 2023
According to on-chain data, the attacker managed to withdraw $34.4 million in USDC, about $19 million in stETH, approximately the same amount in WBTC, and $8.9 million in DAI.
2/ The total loss in four attack transactions is around 177M USD.
see the link:https://t.co/ovUWiWlW2l pic.twitter.com/pT7euG2P9w
— BlockSec (@BlockSecTeam) March 13, 2023
Allegedly, the hacker used the “instant loans” option on the platform.
PeckShield experts noted that the attacker sent the stolen funds to the Tornado Cash cryptomixer.
#PeckShieldAlert The stolen funds @eulerfinance Exploit on the move
~100 $ETH into Tornado Cashhttps://t.co/1VaYUw2rgJ— PeckShieldAlert (@PeckShieldAlert) March 13, 2023
Against this background, the EUL project token has collapsed by 48.3% over the past day, according to CoinGecko.
Recall that in 2022 the Web3 industry lost about $3.6 billion as a result of hacks. This is almost 50% more than a year earlier, Beosin experts calculated.
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