Euler Finance suffers $197M DeFi hack

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.

Timeline of Euler-finance

On March 13, DeFi lending protocol Euler Finance suffered a massive flash loan attack, making it the largest crypto hack of 2023 so far. The incident resulted in the loss of approximately $197 million and impacted over 11 other DeFi protocols.

Euler Finance, a decentralized finance (DeFi) lending protocol on Ethereum, has lost approximately $200 million through a flash loan hack. This loss makes it the biggest DeFi hack in 2023.

Ethereum-based noncustodial lending protocol Euler Finance was targeted by a flash loan attack on 13 March. The attacker was successful in stealing almost $197 million in Dai, USD Coin (USDC), staked Ether (StETH), and wrapped Bitcoin (WBTC).

Today's hack saw an attacker drain millions in $DAI, $USDC, $StETH and $WBTC in a flash loan attack. In the largest hack so far in 2023, an attacker was able to carry out multiple transactions that netted more than $195 million in various crypto and stablecoins.

Euler Finance was drained of DAI tokens, staked Ether, USDC, and wrapped Bitcoin after a flash loan attack.On-chain security firms BlockSec and Peckshield said losses from the exploit were over $190 million in cryptocurrencies.The DeFi lender was unsure about who attacked its protocol at press time but Euler promised to update users as more information comes to light. Approximately $197 million in crypto was stolen from Euler Finance after the decentralized finance lending protocol suffered a flash loan exploit on Monday around 4:50 am ET, on-chain security firms BlockSec and Peckshield confirmed.

Euler Finance — a non-custodial lending and borrowing protocol — is pleased to announce that it has integrated Chainlink Price Feeds on Ethereum mainnet. Operating as a risk-averse protocol, Euler claims it places “a strong emphasis on the protection of users' funds.