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Friday, March 31, 2023

Euler Finance was swindled over $195 million with a flash loan attack

The Ethereum-based non-custodial loan protocol Eurler faced a flash lending attack on March 13, in which the attacker involved millions of Dai (DAI), USD Coin (USDC), Staked Ether (StETH), and Bitcoin (WBTC). .

According to on-chain data, according to the most recent updates, multiple transactions have been carried out in the Hacker, stealing approximately $196 million. The attack has already become the biggest hack in 2023. The wreckage of stolen funds is as follows:

The money was taken from the Eulero of Money. Source: BlockSec.

Second cryptanalysis firm Meta Seluth, the attack with the deflation of the attack from one month ago. The striker used a multi-chain bridge to transfer funds from the BNB Smart Chain (BSC) and launch an attack on Ethereum today.

The movement of funds from E. finance. Source: Meta Seluth

ZachXBT, another prominent on-chain detective, emphasized the same, saying that the movement of funds and the nature of the attack appear quite similar to the hackers who stole the BSC protocol last month. After the BSC protocol was attacked, funds were deposited into cryptocurrency pools; Pollucius Coin

The stolen funds are currently located at the following hacker addresses:

  • 0xebc29199c817dc47ba12e3f86102564d640cbf99 (Contracted) – 8,877,507.34 DAI
  • 0xb2698c2d99ad2c302a95a8db26b08d17a77cedd4 – 8,080.97 ETH
  • 0xb66cd966670d962c227b3eaba30a872dbfb995db – 88,752.69 ETH and 34,186,225.91 DAI

Euler Finance acknowledged the matter and stated that they are working with security and legal professionals to resolve the issue.

Finance from Euler raised $32 million in a funding round last year involving FTX, Coinbase, Salt, Jane Street and Uniswap.

Euler Finance has become very popular for its Liquid Staking Derivative (LSD) offering. LSD is a relatively new token that allows stake holders to increase profit potential by unlocking liquidity for PoS-based cryptocurrencies like Ether (ETH). Currently, LSD accounts for up to 20% of the total value locked in DeFi protocols.

This is a developing story and will be updated soon as new information becomes available.

Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here is not intended to be used as financial advice or investment recommendations. Every investment and commercial move involves risks and it is up to each person to do their due diligence before making an investment decision.

Research into crypto assets is not regulated. They may be eligible for sales and all the money invested will be lost. The services or products offered are not directed at or accessible to investors in Spain.

World Nation News Desk
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