Euler Finance’s Hefty Loss from Hacker Flash Loan Attack

03/13/2023 09:53 • NFT Newsflash • 144 views

On March 13, the security company BlockSec released data on social media, saying that Euler Finance suffered about 197 million dollars in the hacker flash loan attack, including 8877507.35 DAI, 849.14 WBTC, 34413863.42 USDC and 85818.26 stETH.

The damage amount of Euler hacker attack is about 197 million dollars

Analysis based on this information:

On March 13, the security company BlockSec released information on social media revealing that Euler Finance had fallen victim to a hacker flash loan attack, resulting in a staggering $197 million loss. The attack included the loss of various cryptocurrencies including 8877507.35 DAI, 849.14 WBTC, 34413863.42 USDC and 85818.26 stETH.

Euler Finance is a decentralized finance (DeFi) protocol that operates on the Ethereum blockchain. The protocol allows users to trade and invest in various crypto assets, including stablecoins and wrapped assets. Although DeFi protocols have been gaining significant popularity due to their decentralized nature and potential for high returns, they are also vulnerable to various cyber threats.

One of the most recent and popular forms of cyber attacks is the flash loan attack. In this method, hackers take out a massive amount of loans from DeFi protocols, all at once. These loans are secured by the hacker’s assets held outside of the DeFi protocol, so there is little to no risk involved for the attacker. They then use the borrowed funds to manipulate the market, such as inflating the price of specific cryptocurrency, leading to substantial profits for the attacker, at the expense of the DeFi protocol.

BlockSec’s release of Euler Finance’s hack just reveals the extent of the damage that has been caused by these flash loan attacks. Euler Finance is just one of the many DeFi protocols that have suffered from this type of attack. While DeFi has brought massive potential for investors and traders, security concerns remain, and the losses from these attacks continue to grow.

In conclusion, Euler Finance’s massive loss from the recent hacker’s flash loan attack is one of the many indicators of the vulnerability of crypto space to cyber-attacks. BlockSec’s release of the hack just further highlights the importance of security for DeFi protocols and the need for continued vigilance to combat these types of attacks.

Keywords:

Euler Finance – decentralized finance protocol on Ethereum blockchain

BlockSec – security company

Hacker attack – cyber-attacks on Euler Finance

Flash loan – popular form of cyber attacks

Social media – platform through which the information of the hack was disclosed

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/6309.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Euler Finance’s Hefty Loss from Hacker Flash Loan Attack

The damage amount of Euler hacker attack is about 197 million dollars

Related recommendations