Hackers Exploit DeFi Platform Euler Heisting $196.9 Million
On March 13, the prominent decentralized lender Euler suffered a loss of $196.9 million after hackers launched flash loan attacks to compromise the company’s system. The hackers launched a series of attacks on the Euler system to weaken its defenses leading to the loss of substantial amounts of stablecoins, staked Ethereum (ETH) and Bitcoin (BTC).
As per the tweet, the company has taken corrective measure by engaging forensic experts and law enforcers to probe the matter.
Following the attack, the devastated investors raised numerous questions concerning the security of the Euler platform. Responding to the Euler community, the company stated that the attackers launched six flash loans to identify system vulnerability.
The most significant breach on the Euler system has prompted the team to collaborate with cyber security experts and law enforcers to address the issue. News concerning the Euler hacking activity has necessitated experts and analysts to assess the matter and develop cutting-edge solutions.
Per Meta Sleuth’s report dated March 13, the attackers had attempted to exploit the Euler network last month, which failed to come to fruition. Sleuth’s finding revealed that the hackers launched a multi-chain bridge hack draining measurable amounts through the Binance Smart Chain and the Ethereum network.
In support of Sleuth’s report, experts on on-chain technologies from ZachXBT argued that multiple transactions conducted by the hackers correspond to an attack witnessed last month on the Binance platform, where the funds were wired through the Tornado Cash.
Besides the ZachXBT, other analysts argued that Euler’s breach exploited the donateToReserves platform, resulting in the loss of sizeable amounts of crypto assets, including wrapped Bitcoin (WBTC), staked Ethereum (stETH), and other stablecoins.
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