2 years ago
Euler Finance became the unfortunate of a flash indebtedness onslaught wherever the exploiter managed to drain hundreds of millions worthy of decentralized stablecoins and synthetic ERC-20 tokens.
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Ethereum-based non-custodial lending protocol Eurler concern faced a flash indebtedness onslaught connected March 13, with the attacker managing to bargain millions successful DAI, USDC, staked Ether (StETH) and wrapped Bitcoin (WBTC).
According to on-chain data, the exploiter carried retired aggregate transactions stealing astir $196 cardinal arsenic per the past update. On-chain information analytic steadfast Certik information indicates the exploiter has stolen astir 43 cardinal successful decentralized stablecoin DAI and astir 93,800 successful wrapped Ether (wETH). The ongoing onslaught has already go the largest hack of 2023.
The breakdown of stolen funds are arsenic follows:
Funds stolen from Euler Finance. Source: BlockSec.According to different crypto analytic steadfast Meta Seluth, the attacker is correlated with the deflation onslaught that occurred 1 period ago. The attacker usage the Multichain span to transportation the funds from BSC to Ethereum and launched the onslaught today!
Movement of funds from Euler Finance. Source: Meta SeluthEuler Finance raised $32 cardinal successful a backing circular past twelvemonth that saw information from the likes of FTX, Coinbase, Jump, Jane Street and Uniswap.
Euler Finance became rather fashionable for offering liquid staking derivatives (LSDs) services. LSDs are a comparatively caller benignant of token that enables stakers to augment imaginable returns by unlocking liquidity for their staked cryptocurrency, specified arsenic ETH. Currently, LSDs marque upto 20% of full worth locked successful centralized concern protocols.
This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.
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