Euler Finance Hacked: More Than $197 Million in Cryptocurrency Stolen
In the world of cryptocurrency, security is a critical concern. The decentralized nature of these digital assets makes them attractive targets for hackers and cybercriminals, who can exploit vulnerabilities in blockchain technology to steal millions of dollars in cryptocurrency. Unfortunately, it appears that another attack has taken place, with Euler Finance being the latest victim.
According to data by BlockSec, a leading provider of blockchain security solutions, Euler Finance has been attacked, with hackers suspected to have stolen approximately $197 million worth of assets have been depleted, which comprises $135.8 million in stETH, $33.8 million in USDC, $18.5 million in WBTC, and $8.8 million in DAI. The Euler team is conscious of this and is presently collaborating with security experts and law enforcement to resolve the matter.
Euler Finance is a platform that provides on-chain lending services, allowing users to borrow and lend cryptocurrency without intermediaries. The company completed a $32 million financing round last year, with participation from major players in the cryptocurrency space, including FTX, Coinbase, Jump, Jane Street, and Uniswap.
It is not yet clear how the attack on Euler Finance took place, or who is responsible for the theft of more than $197 million in cryptocurrency. However, it is likely that the company will work closely with law enforcement and cybersecurity experts to investigate the incident and take steps to prevent future attacks.
On March 10th, the HBAR Foundation, which is responsible for the Hedera Hashgraph blockchain network, confirmed that the Smart Contract Service code had been used to attack the network. AZCoin News reported that the attackers managed to steal funds from users who had provided liquidity on decentralized exchanges such as Pangolin, SaucerSwap, and HeliSwap.
The attack on Euler Finance is a reminder of the importance of security in the cryptocurrency industry. As digital assets continue to gain popularity and value, companies must take steps to protect their users’ funds and prevent attacks from hackers and other bad actors. It remains to be seen what steps Euler Finance will take in response to this attack, but it is clear that the industry as a whole must continue to work towards greater security and protection for cryptocurrency users.
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