Euler Finance, a lending protocol with the Ethereum network hacked, lost $177 million
Decentralized Finance (DeFi lending platform Euler Finance) lost almost $177 million in a hack. The losses were witnessed over four transactions in dai (DAI), wrapped Bitcoin (WBTC), staked ether (sETH), and USDC as per smart contract auditor BlocSec.
Further, the data revealed that the attacker made a flash loan worth 30 million DAI from Aave. Hackers used this money on Euler Finance-a DeFi protocol. On March 13, Ethereum-based noncustodial landing protocol Euler Finance faced a loan attack. The attack was marked as the largest hack of 2023 so far.
Hackers launched attacks today using a multichain bridge to transfer funds from the BNB Smart Chain (BSC) to Ethereum as per crypto analytic firm Meta Seluth.
Euler Finance raised $32 million in a funding round in 2022 that saw participation from FTX, Coinbase, Jump, Jane Street, and Uniswap. Euler Finance got investors’ attention for liquid staking derivatives (LSDs) services. LSD makes up to 20% of the total value locked in centralized finance protocols.
Following the news, The $EUL price tanked more than 30%.
On the daily chart, the $EUL price tanked almost 30% in the past 24 hours. As of press time, $EUL/USD reads at $4.03. The price depreciated nearly 25% from the high of $18.99 made on February 28.
