Euler Finance hacked for over $195M in a flash loan attack

0


Ethereum-based noncustodial lending protocol Eurler finance faced a flash loan attack on March 13, with the attacker managing to steal millions in Dai (DAI), USD Coin (USDC), staked Ether (StETH) and wrapped Bitcoin (WBTC).

According to on-chain data, as per the last update, the exploiter carried out multiple transactions, stealing nearly $196 million. The ongoing attack has already become the largest hack of 2023. The breakdown of stolen funds is as follows: 

Funds stolen from Euler Finance. Source: BlockSec.

According to crypto analytic firm Meta Seluth, the attack correlates with the deflation attack one month ago. The attacker used a multichain bridge to transfer the funds from the BNB Smart Chain (BSC) to Ethereum and launched the attack today.

Movement of funds from Euler Finance. Source: Meta Seluth

ZachXBT, another prominent on-chain sleuth, reiterated the same and said that the movement of funds and the nature of the attack seems quite similar to black hats that exploited a BSC-based protocol last month. After exploiting a protocol on BSC, the funds were deposited to the crypto mixer, Tornado Cash. 

The stolen funds are currently sitting in the following hacker addresses:

0xebc29199c817dc47ba12e3f86102564d640cbf99 (Contract) – 8,877,507.34 DAI0xb2698c2d99ad2c302a95a8db26b08d17a77cedd4 – 8,080.97 ETH0xb66cd966670d962c227b3eaba30a872dbfb995db – 88,752.69 ETH & 34,186,225.91 DAI

Euler Finance acknowledged the exploit and said they are currently working with security professionals and law enforcement to resolve the issue.

Euler Finance raised $32 million in a funding round last year that saw participation from FTX, Coinbase, Jump, Jane Street and Uniswap.

Euler Finance became quite popular for offering liquid staking derivatives (LSDs) services. LSDs are a relatively new type of token that enable stakers to augment potential returns by unlocking liquidity for staked cryptocurrency, such as Ether (ETH). Currently, LSDs make up to 20% of total value locked in decentralized finance protocols.

This is a developing story, and further information will be added as it becomes available.



Source link

Mis het niet!
CRYPTO TRADE ALERTS

Ontvang dagelijks het laatste crypto nieuws, updates en
!! Crypto - Trade Alerts !!

Invalid email address
Probeer het eens. Je kan het op elk gewenst moment uitzetten.
You might also like
Leave A Reply

Your email address will not be published.