According to auditing platform BlockSec, the decentralized finance platform Euler Finance purportedly experienced a $196.9 million exploit.
A flash loan assault targeted Euler Financial, which resulted in the loss of DAI stablecoin, WBTC, stETH, and USDC valued at $197 million. To find the attackers, Euler Labs is collaborating with security professionals and law police.
The newest victim of a multi-million dollar flash loan attack is Euler Finance, a decentralized finance (DeFi) non-custodial lending and borrowing protocol powered by the Ethereum blockchain network.
According to a tweet from blockchain analytics platform PeckShield, the hacker carried out the theft in a flurry of transactions, snatching from the network cryptocurrency valued at almost $197 million. The attacker planned the attack by taking advantage of a flaw in the donation and liquidation logic of Euler Finance.
The DeFi protocol’s creators, Euler Labs, claim to be aware of the attack and working with law authorities to track down the hackers. According to Defi Llama, Euler Financial has $9.8 million in locked value overall.
In 2022, bad actors in the crypto industry stole more over $3 billion, and this year has seen a resurgence of heists and thefts. According to a recent revelation from crypto.news, hackers stole more than $21 million from DeFi protocols last month.
