Euler Finance Suffers Major Attack Resulting in Over $177M Loss
Euler Finance, a leading provider of on-chain lending services, has suffered a major attack resulting in the loss of more than $177 million. The attack was detected by the security firm PeckShield Alert. Later on, Euler Finance replied to PeckShield’s tweet and confirmed the attack. It estimated the total loss to be around $197 million. It makes it one of the largest cryptocurrency heists in recent times.
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
Euler Finance Attacked Via Malicious Flashloan
The attack was launched using a malicious flash loan, which is a type of decentralized loan. It allows users to borrow funds and repay them within the same transaction. The attackers were able to steal more than 8.87 million DAI, over 34 million USDC, and more than 85.8 thousand ETH.
Recently, Euler Finance completed a funding round with a total value of $32 million. Notable investors in this round were FTX, Coinbase, Jump, Jane Street, and Uniswap. The company has stated that it is aware of the event. And it is currently conducting an investigation into the situation while working closely with security professionals and law enforcement organizations.
Crypto Market Impacted as One Euro Value Declines by 41.54% Following Euler Finance Hack
The widespread cryptocurrency market has been significantly impacted as a direct result of the hack. In the last hour, the value of one euro is said to have declined by 41.54%, with the current trade price standing at $3.4461. This information comes from several accounts in the media.
Investors and experts are keeping a close eye on the issue and are interested in seeing how Euler Financial reacts to the attack on its system. Customers have been reassured that their money would be protected. The corporation has also committed to providing more details as quickly as is humanly feasible.
The event serves as a shaking reminder of the difficulties that are now being faced by the cryptocurrency sector, in particular with regard to the issues of legislation and security. It is quite possible that there will be other assaults of this kind as the sector continues to develop and mature. It highlights the necessity for stringent security measures and regulatory monitoring.