Hack: Euler Finance relieved of nearly $200 million

Euler Finance has undergone a attack and lost the equivalent of 197 million dollars in crypto-currencies. The protocol DeFi raised $32 million last summer from Haun Ventures.

This morning on Twitter, blockchain cybersecurity company BlockSec reported that the protocol Euler Finance had been hacked at the level of 197 million dollars. A quick information confirmed by the experts of PeckShield.

Following the release of the news, Euler Labs reported being aware of the problem.

Our team is currently working with security professionals and law enforcement. We will release more information as soon as we have it.” tweeted the startup that develops the decentralized finance protocol specializing in loans, without elaborating.

The stolen tokens include DAI, WBTC, sETH and USDC, according to BlockSec.

Euler is a non-depository protocol built on top of Ethereum that allows for the lending and borrowing of various digital assets. It closed a $32 million funding round led by crypto VC Haun Ventures in June 2022.

“The hack was made possible by the flawed logic of its donation and liquidation. Specifically, the donateToReserves must ensure that the donor is always over-guaranteed. And the liquidation must ensure the * correct * conversion rate of the loan to the collateral asset.” explained PeckShield.

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