13 days ago 1 min read

Hacking Of Euler Finance DeFi Protocol, Alleged Theft $197M

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Decentralized finance (DeFi) protocol Euler Finance, which provides on-chain lending services, apparently came under attack. BlockSec, a blockchain security company, has been keeping tabs on the issue and believes that the hack may have resulted in the theft of at least $197 million.

The attack on Euler Finance draws attention to the ongoing security issues in the DeFi industry, where smart contracts are open to hacker exploitation. The most recent analysis indicates that the following data has been lost:

  • DAI: 8,877,507.35
  • $849.14 in WBTC, or $18,519,069.78
  • The value of stETH is 73,821.46, or $116,725,471.
  • 34,413,863.42 US Dollars, or $33,859,800.22
  • 3,897.50 stETH, which is equal to $6,226,536.04
  • $8,099.30 in stETH, or $12,889,232.21

The offender is thought to be associated with the deflation attack that happened a month ago. Today's newest attack was carried out by the attacker using the Multichain MultichainOrg bridge to transfer money from Binance Smart Chain to Ethereum.

In a $32 million fundraising round that Euler Finance completed last year, significant companies in the bitcoin sector like FTX, Coinbase, Jump, Jane Street, and Uniswap participated.

Decentralized financial services (DeFi) protocols are becoming increasingly popular because they provide an alternative to centralized financial services. But, hackers wanting to take advantage of weaknesses in the protocols have also been interested in this increase.

Developers and investors must give security top priority as the DeFi industry expands and changes. Although using decentralized systems has numerous advantages, it also creates new hazards that need to be controlled. The attack on Euler Finance underlines the significance of exercising caution when evaluating the security of DeFi protocols due to the involvement of significant companies in the market, including FTX, Coinbase, and Uniswap.

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