Euler Finance hacked for over $195M in a flash loan attack
Ethereum-based noncustodial lending protocol Eurler finance confronted a flash mortgage assault on March 13, with the attacker managing to steal thousands and thousands in Dai (DAI), USD Coin (USDC), staked Ether (StETH) and wrapped Bitcoin (WBTC).
Based on on-chain information, as per the final replace, the exploiter carried out a number of transactions, stealing almost $196 million. The continuing assault has already grow to be the most important hack of 2023. The breakdown of stolen funds is as follows:
According to crypto analytic agency Meta Seluth, the assault correlates with the deflation assault one month in the past. The attacker used a multichain bridge to switch the funds from the BNB Good Chain (BSC) to Ethereum and launched the assault immediately.
ZachXBT, one other outstanding on-chain sleuth, reiterated the identical and mentioned that the motion of funds and the character of the assault appears fairly much like black hats that exploited a BSC-based protocol final month. After exploiting a protocol on BSC, the funds have been deposited to the crypto mixer, Twister Money.
The stolen funds are at present sitting within the following hacker addresses:
- 0xebc29199c817dc47ba12e3f86102564d640cbf99 (Contract) – 8,877,507.34 DAI
- 0xb2698c2d99ad2c302a95a8db26b08d17a77cedd4 – 8,080.97 ETH
- 0xb66cd966670d962c227b3eaba30a872dbfb995db – 88,752.69 ETH & 34,186,225.91 DAI
Euler Finance acknowledged the exploit and mentioned they’re at present working with safety professionals and regulation enforcement to resolve the difficulty.
We’re conscious and our crew is at present working with safety professionals and regulation enforcement. We’ll launch additional info as quickly as we have now it. https://t.co/bjm6xyYcxf
— Euler Labs (@eulerfinance) March 13, 2023
Euler Finance raised $32 million in a funding spherical final 12 months that noticed participation from FTX, Coinbase, Leap, Jane Road and Uniswap.
Euler Finance turned fairly widespread for providing liquid staking derivatives (LSDs) companies. LSDs are a comparatively new kind of token that allow stakers to enhance potential returns by unlocking liquidity for staked cryptocurrency, akin to Ether (ETH). At the moment, LSDs make as much as 20% of complete worth locked in decentralized finance protocols.
It is a creating story, and additional info will likely be added because it turns into obtainable.
