Euler Finance suffered a massive flash-loan attack, resulting in almost $200 million worth of crypto being compromised.
On March 13, the Ethereum-based non-custodial lending system Euler finance was the victim of a flash loan attack, in which the attacker stole millions in Dai (DAI), USD Coin (USDC), staked Ether (StETH), and wrapped Bitcoin (WBTC). According to the most recent on-chain statistics, the exploiter carried out several transactions, taking roughly $196 million. The continuing attack has already become 2023’s biggest hack. The following is a breakdown of stolen funds:
According to Meta Seluth, a crypto analytic business, the hack is related to the deflation attack from a month ago. The attacker initiated the attack today by using a multichain bridge to move cash from the BNB Smart Chain (BSC) to Ethereum.
Another famous on-chain sleuth, ZachXBT, confirmed the analysis and stated that the flow of cash and nature of the assault appear to be very similar to black hats that hacked a BSC-based protocol last month. The monies were deposited to the crypto mixer Tornado Cash after abusing a protocol on BSC.
The stolen funds are currently sitting in the following hacker addresses: 0xebc29199c817dc47ba12e3f861 02564d640cbf99 (Contract) – 8,877,507.34 DAI 0xb2698c2d99ad2c302a95a8db2 6b08d17a77cedd4 – 8,080.97 ETH
0xb66cd966670d962 c227b3eaba30a872dbfb995db – 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.
About Euler Finance
Last year, Euler Finance secured $32 million in an investment round that included FTX, Coinbase, Jump, Jane Street, and Uniswap. Euler Finance became well-known for its liquid staking derivatives (LSDS) services. LSDS are a new form of token that allows investors to boost potential profits by unlocking liquidity for staked cryptocurrency such as Ether (ETH). LSDS currently account for up to 20% of the entire wealth locked in decentralized financial systems.