Breaking: They steal 190 million dollars worth of cryptocurrency in one click – Euler Finance hacked

Tweet from PeckShield alerting Euler to a potential attack.

Euler Finance in the sauce – After the USDC depeg this weekend, we had almost forgotten the crypto hacks. Unfortunately, this Monday brings us back to reality with the Euler Finance hack.


Hack Euler Finance: 190 million dollars stolen

Euler Finance is a so-called lending protocol hosted on Ethereum. Thus, it allows users to save and borrow cryptocurrencies in a decentralized way.

Around 10 a.m. this morning, PeckShield crews alerted the Euler Finance protocol of an unusual transaction.

Tweet from PeckShield alerting Euler to a potential attack.
PeckShield alerts Euler of a potential attack – Source: Twitter.

Quickly, the result falls and Wu Blockchain reveals that more than 190 million dollars are suspected to have been stolen in a hack.

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At the moment, the details of the attack are not known. Nevertheless, Adam Cochran To hypothesized of one rounding error on Euler debt token. This could have resulted in protocol manipulation when it loops over large sums.

For their part, the Euler teams have announced that they are working on the problem and are in contact with security experts as well as the police.

Tweet from Euler Labs announces that they are working on resolving the issue.
Euler Labs announces that it is working to resolve the problem – Source: Twitter.

For its part, the EUL token of the Euler protocol did not welcome the news of the hack and recorded a fall of 42%.

Hacks will once again be in the news in 2023. Indeed, Chainalysis report on 2022 data suggests no change in trend.

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