Title: Hackers Steal Around $196 Million from Crypto Lender Euler Finance
Euler Finance, a cryptocurrency lending platform, suffered a massive hack that resulted in the loss of approximately $196 million worth of funds. The hack highlights the security challenges faced by cryptocurrency platforms, and the potential risks that investors face when dealing with these assets.
Details & Timeline of the Hack:
The Euler Finance hack took place on March 11, 2023. Hackers managed to exploit a vulnerability in Euler’s smart contract, allowing them to steal the funds from the platform’s lending pools. Euler has since suspended all trading activities on its platform, and has advised users not to deposit any funds until further notice.
The perpetrator managed to steal a staggering $196 million worth of cryptocurrencies from Euler Finance, which included $8.7 million in DAI, $18.5 million in WBTC, an astonishing $135.8 million in stETH, and an additional $33.8 million in USDC.
The Fallout:
The $196 million hack is a significant setback for Euler, which had only launched its lending platform a few months earlier. The company had been hailed as one of the most promising cryptocurrency startups, and its founder had been a vocal advocate of decentralized finance (DeFi). The hack has not only affected Euler’s reputation, but also raised concerns about the security of DeFi platforms as a whole.
Investigations: Euler has promised to conduct a thorough investigation into the hack, and has hired a team of cybersecurity experts to assist with the probe. The company has also promised to reimburse all affected users.
@PeckShielf Inc , @ZachXBT have provided details on what has happened in their tweet based on their investigation
“The hack is made possible due to the flawed logic its donation and liquidation. Specifically, the donateToReserves needs to ensure the donator is still over-collateralized. And liquidation needs to ensure the *correct* conversion rate from borrow to collateral asset. – @PeckShielf Inc
ZackZBT, researcher claims that the hack was done using Blackhat techniques.
Implications for the Crypto Industry: The Euler Finance hack has once again highlighted the risks associated with investing in cryptocurrencies, and the need for more robust security measures. It is a reminder that the crypto industry is still in its infancy, and that there are many challenges that need to be overcome before it can achieve mainstream acceptance.
Conclusion: The Euler Finance hack is a stark reminder and highlights the need for investors to exercise caution when dealing with cryptocurrency platforms, and for the industry as a whole to implement more rigorous security protocols.
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