March 29, 2024

Hackers hacked Euler Finance's DeFi protocol and stole almost $200 million in cryptocurrency

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Hackers hacked Euler Finance's DeFi protocol and stole almost $200 million in cryptocurrency

Euler Finance, a DeFi lending platform based on the Ethereum blockchain, was subject to a hacker attack, security experts at BlockSec reported.

Initially, the attackers stole from the platform$177.6 million in crypto assets. Among them were USDC tokens worth $33.6 million, DAI for $8.7 million, WBTC for $18.5 million and stETH for $116 million. Then the BlockSec team discovered several more suspicious transactions and clarified that the amount stolen increased to $197 million in cryptocurrency.

Euler Labs, which is the developer of the Euler Finance protocol, soon announced that it had begun an investigation into the incident together with law enforcement agencies.

After reports of hacking, the rate of the Euler token (EUL) fell by 44%.
According to CoinGecko, the value of the crypto asset fell from $6.14 to $3.27 in a couple of hours.   

Earlier it became known that the total costthe entire blocked cryptocurrency of the Hedera project in smart contracts of the DeFi protocol fell by $5 million. This happened after a hacker attack and the subsequent suspension of Hedera services.

According to a report from specialistscybersecurity from the company PeckShield, which was released in early March, a total of $35.5 million worth of cryptocurrency was stolen in the world in February. The largest number of hacks, 141, occurred on February 11. Analysts found that the largest amount that hackers were able to steal when hacking one project was $9.2 million.