Lending protocol Euler Finance was ມົນຕີ by a flash-loan attack, resulting in a loss of $197 million, according to security firms BlockSec and PeckShield.
The attack occurred at 4:50 am ET, allowing the perpetrator to borrow large amounts of funds and drain them from the protocol. They drained $136 million of staked ether (stETH), $34 million of USDC, $19 million of wrapped bitcoin (WBTC) and $8.7 million of DAI, BlockSec ສັງເກດເຫັນ ໃນເອກະສານ.
It is unclear how the attack was carried out or who was responsible. Euler Finance’s team is working with security professionals and law enforcement and will release more information later.
Flash loans are a popular tool for attackers looking to exploit vulnerabilities in DeFi protocols, as they allow borrowers to access large amounts of funds without providing collateral. However, they come with a high level of risk since the borrower must repay the loan within a short time frame.
Euler is a non-custodial protocol that allows users to lend and borrow crypto assets and is run by a decentralized autonomous organization (DAO). It ຍົກຂຶ້ນມາ a $32 million fundraising round led by Haun Ventures in June 2022.
The attack caused the price of the Euler (EUL) token to ວາງ more than 45% — coming down to $3.30 from $6.10.
© 2023 The Block Crypto, Inc. ສະຫງວນລິຂະສິດທຸກປະການ. ບົດຂຽນນີ້ແມ່ນສະ ໜອງ ໃຫ້ເພື່ອຈຸດປະສົງຂໍ້ມູນເທົ່ານັ້ນ. ມັນບໍ່ໄດ້ຖືກສະ ເໜີ ຫຼືມີຈຸດປະສົງທີ່ຈະ ນຳ ໃຊ້ເປັນກົດ ໝາຍ, ພາສີ, ການລົງທືນ, ການເງິນ, ຫລື ຄຳ ແນະ ນຳ ອື່ນໆ.
Source: https://www.theblock.co/post/219196/euler-finance-flash-loan-attacked-for-an-estimated-197-million?utm_source=rss&utm_medium=rss