Euler Finance hacked for $196 million

The DeFi protocol Euler Finance was hacked. The losses amounted to more than $196 million.

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Our system detected that @eulerfinance is under attack. Please take action!https://t.co/lINtjcN1Un

— BlockSec (@BlockSecTeam) March 13, 2023

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The project team confirmed the incident:

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«We are aware and we are working with security professionals and law enforcement.»

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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. https://t.co/bjm6xyYcxf

— Euler Labs (@eulerfinance) March 13, 2023

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According to on-chain data, the attacker moved out $34.4 million in USDC, about $19 million in stETH, roughly the same amount in WBTC, and $8.9 million in DAI.

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2/ The total loss in four attack transactions is around $177M USD.

see the link:https://t.co/ovUWiWlW2l pic.twitter.com/pT7euG2P9w

— BlockSec (@BlockSecTeam) March 13, 2023

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Presumably, the hacker used the «instant loans» option on the platform.

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PeckShield experts noted that the stolen funds were sent to the crypto mixer Tornado Cash.

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#PeckShieldAlert The stolen funds of @eulerfinance Exploit on the move
~100 $ETH into Tornado Cashhttps://t.co/1VaYUw2rgJ

— PeckShieldAlert (@PeckShieldAlert) March 13, 2023

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Against this backdrop, the project’s EUL token dropped 48.3% in the last 24 hours, according to CoinGecko.

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In 2022, the Web3-industry lost about $3.6 billion due to hacks. This is almost 50% higher than the year before, Beosin experts say.