DeFi sees its biggest hack in 2023 as Euler loses $197M: Finance Redefined

DeFi suffered its biggest attack this year with a flash loan attack on crypto lending platform Euler Finance and the hackers are belived to be same that exploited a BSC based protocol in February.

Timeline of Euler-finance

Euler Fianance protocol was attacked almost a week ago, which resulted in a loss of more than $180 million. And though the attacker behind the scheme is yet to be certainly identified, popular on-chain analyst Lookonchain has recently reported data hinting at who could be behind the hack.

The hacker who exploited the DeFi protocol has turned down the platform's offer of retaining 10% by mixing 1000 ETH in Tornado Cash.  Hacker Mixes 1000 ETH The perpetrator of the flash loan attack, which siphoned off $200 million worth of assets from the Euler Finance platform, has rejected a sizeable bounty offer, instead choosing to keep their stolen funds.

Before it was attacked for $196 million, Euler Finance, an Ethereum-based lending system, was rated as “nothing greater than low risk” in ten independent audits that were done over two years.

Euler Finance, an Ethereum-based lending protocol, underwent 10 audits from six different firms in two years before it suffered a $196 million flash loan attack. Despite this, the audits deemed the platform "nothing higher than low risk" with "no outstanding issues.

Michael Bentley's revealing tweet ignited concerns surrounding the $6 million hack at Euler Labs, prompting an investigation into the incident and its implications for the DeFi community.

The hacker who stole almost $200 million from Euler Finance by exploiting a vulnerability on its flash loan smart contract has moved some of the stolen tokens through mixing protocol Tornado Cash. The attacker stole Dai (DAI/USD), USD Coin (USDC/USD), staked ETH, and wrapped Bitcoin (WBTC).

The hacker who stole $196 million from Euler Finance has transferred $1.65 million through Tornado Cash, after a $1 million bounty was launched. Victims pleaded for return of funds, but the hacker's move to a crypto mixer suggests they may not be swayed.

The crypto space is still buzzing with the latest crypto attack on the decentralized lending protocol, Euler Finance. The exploit, which took place on March 13, saw the platform lose about $196 million worth of crypto assets.

Decentralized lending protocol Euler Finance (CRYPTO: EUL) announced a $1 million reward for information leading to the arrest of the individuals behind the recent exploit that resulted in the loss of nearly $200 million.

Decentralized finance (DeFi) protocol Euler Finance lost nearly $197 million in a flash loan attack on March 13, impacting more than 11 other DeFi protocols. The vulnerability remained on-chain for eight months despite a $1 million bug bounty in place.