Euler Finance hacked for over $195M in a flash mortgage assault

Ethereum-based non-custodial lending protocol Eurler finance confronted a flash mortgage assault on March 13, with the attacker managing to steal thousands and thousands in DAI, USDC, staked Ether (StETH) and wrapped Bitcoin (WBTC).

In accordance with on-chain information, the exploiter carried out a number of transactions stealing practically $196 million as per the final replace. On-chain information analytic agency Certik information signifies the exploiter has stolen practically 43 million in decentralized stablecoin DAI and practically 93,800 in wrapped Ether (wETH). The continued assault has already grow to be the biggest hack of 2023. 

The breakdown of stolen funds are as follows:

According to a different crypto analytic agency Meta Seluth, the attacker is correlated with the deflation assault that occurred one month in the past. The attacker use the Multichain bridge to switch the funds from BSC to Ethereum and launched the assault at present! 

Euler Finance raised $32 million in a funding spherical final 12 months that noticed participation from the likes of FTX, Coinbase, Bounce, Jane Road and Uniswap.

Euler Finance turned fairly common for providing liquid staking derivatives (LSDs) companies. LSDs are a comparatively new sort of token that allows stakers to reinforce potential returns by unlocking liquidity for his or her staked cryptocurrency, equivalent to ETH. At present, LSDs make upto 20% of whole worth locked in centralized finance protocols.

This can be a growing story, and additional info will likely be added because it turns into obtainable.