Euler Finance EUL crashes 48% following $197M hack Euler Finance EUL crashes 48% following $197M hack
Euler Finance confirmed that it was aware of the attack. Its native EUL token has dumped roughly 48% following the news.
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Updated: Mar. 13, 2023 at 10:45 am UTC
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Euler Labs has been exploited for $177 million in four transactions, according to Blockchain security firm BlockSec.
The smart contract auditing firm added that two more attack transactions took the total loss to $197 million.
According to a google document shared by the firm, the malicious players stole $8.76 million worth of DAI, $33.85 million USDC, 849 Wrapped Bitcoin (WBTC) worth $18.5 million, and 85,817 staked Ethereumย (stETH) worth $135.8 million.
Another on-chain data service provider Arkham Intelligence corroborated BlockSec’s finding.
The UK-based firm confirmed that it was aware of the exploit. It added:
“We are aware and our team is currently working with security professionals and law enforcement. We will release further information as soon as we have it.”
Following the news, Euler Labs’ EUL token has plunged by roughly 48% to 3.10, according to CoinMarketCap data.
Euler Finance provides on-chain lending services and completed a $32 million funding round that included Coinbase and defunct crypto exchange FTX in 2022.
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Posted In: Hacks
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
USD Coin
$0.99996
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Wrapped Bitcoin
$66,036.62
Wrapped Bitcoin delivers the power of Bitcoin with the flexibility of an ERC20 token.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.