Euler Finance sees $195 million in crypto drained in exploit…

Today’s hack saw an attacker drain millions in $DAI, $USDC, $StETH and $WBTC in a flash loan attack.

In the largest hack so far in 2023, an attacker was able to carry out multiple transactions that netted more than $195 million in various crypto and stablecoins. 

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

Many in the industry are deploring the attack on Euler, which was innovating on liquid staking derivatives, which, for example, allowed stakers on Ethereum to unlock the liquidity of their staked crypto and use it elsewhere.

According to Blocksec, the smart contract audit platform, the actual breakdown of the funds stolen are as follows:

Source: Blocksec Google spreadsheet

The current hack on Euler Finance is just another in a long line of hacks over the last few years. Given that nearly all decentralised finance projects make their code open sourced, hackers are able to work out ways of gaining access to assets.

Euler Finance is based in the UK, builds non-custodial protocols, and is governed by a DAO. The $EUL token dropped as much as 61% on the day, to give it a price of $2.33. It has since recovered to $3.36 at time of going to press.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.