EUL token down 52% after the $200 million Euler protocol exploit

  • Hackers stole nearly $200 million from Euler protocol on Monday.
  • USDC accounted for a majority of the stolen tokens.
  • Euler Labs is within the intervening time working to receive larger the funds.

Euler protocol is facing a different probability from the crypto firm collapses, crypto lawsuits, and crypto-connected monetary institution shutdowns that dangle plagued the crypto space within the fresh past.

The tiny-cap Ethereum-based mostly completely decentralized finance lending protocol became as soon as on Monday hacked resulting within the loss of crypto property worth almost $200 million.

Euler flash mortgage assault

Blockchain safety firm PeckShield on Monday tweeted notifying Euler to are trying some fishy transactions from its platform.

Hi @eulerfinance: you would are desirous to device terminate a look:

— PeckShield Inc. (@peckshield) March 13, 2023

the transactions from Euler on etherscan, the hacker(s) took off with a diversity of cryptocurrencies alongside side 34.4 million USDC, 8.89 million DAI, 85,690 stETH, and 849 WBTC.

Per a tweet from SlowMist, one other blockchain safety firm:

“The attacker broken-down flashloans to deposit funds after which leveraged them twice to trigger the liquidation logic, donating the funds to the reserve take care of and conducting a self-liquidation to get any final property.”

Euler Labs, the startup within the again of Euler Protocol, has however stated that it successfully stopped the exploit and it is within the intervening time working to receive larger the stolen funds in collaboration with a replacement of companies alongside side Chainalysis.

An substitute on our work these days to receive larger funds for Euler protocol users.

Listed below are a few actions we took straight away:

1. Stopped the inform assault as soon as attainable by helping disable the EToken module, which blocked deposits and the susceptible donation objective

2. Engaged TRM…

— Euler Labs (@eulerfinance) March 14, 2023

Euler’s native token, EUL, down 52%

The native token of Euler, EUL, dived by more than 52% following the revelation of the exploit.

At press time, the token became as soon as trading at $3.08 down from a high of $6.4826 on Monday morning. And despite the proven truth that the token tag appears to be like to dangle consolidated above $3, it’s now now not certain if the token will be ready to protect that stage seeing that it had dipped from its attempt to receive larger after the autumn.

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