Decentralized Finance (DeFi) Sector Recorded huge loss While many expected 2023 to be a different story, bad actors continue their game of DeFi abuse. A few days ago, Hedera revealed: Liquidity pool token loss When a hacker abuses the mainnet smart contract code.
But the latest DeFi attack happened on another decentralized financial protocol, Euler Finance. According to on-chain research, the attacker may have gotten over $180 million in tokens.
Euler Finance loses millions of dollars in assets
Certik Alert report The incident was reported on Twitter, revealing that malicious actors stole 41 million DAI and are still counting. Additionally, it warned users to be careful as the exploit was still in progress at the time of the tweet.
Hours later, Certik Alert updated that hackers stole over $195 million from Euler Finance. The asset was revealed to consist of 96,800 ETH and 43.6 million of his DAI stablecoin, concluding that this is his biggest exploit to date for 2023.
![Flash loan attack drains $180 million from Euler Finance](https://bitcoinist.com/wp-content/uploads/2023/03/EULUSD_2023-03-13_19-51-29-980x571.png)
look on chain Posted The attack revealed that hackers stole a large amount of DAI stablecoins and Ethereum tokens.
In particular, CertiK Alert revealed that the attackers transferred 101 ETH tokens to 0xc66 before depositing them into TornadoCash. This crypto mixer masks the movement of assets by mixing them with other assets before sending them to their final destination.
Etherscan data shows that hackers transferred Euler Finance funds to two new wallets. In one wallet he has 34,186,225 DAI and he has 88,752 ETH, while the other wallet holds over 88,77,507 DAI tokens.
Detective on Chains ZachXBT I think The villain is a black hat hacker who abused the Binance Smart Chain protocol a few weeks ago.
Security firms and law enforcement work together to fix exploits
In response, the Euler Finance team promised users that they would work to stop the exploit. The company has brought law enforcement and security experts to the issue and has revealed that it will update the community soon.
In particular, security firm PeckShield alerted Euler Finance to the incident and called on them to work together to resolve it. The security company then discovered Root cause of the exploit.
Meanwhile, the decentralized finance sector recorded exploits that resulted in losses of over $8.5 million. The incident happened last month platypus, another decentralized financial protocol behind the stablecoin USP. This incident caused the USP to be depegged by 50% from the USD.
DeFi protocol announced A malicious actor took to Twitter to reveal how a USP solvency check flaw was exploited.
The team has made several efforts to combat the incident, including warning Binance, Circle and Tether to freeze the hacker’s funds and negotiate a bounty.
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