- The company lost $197 million
- This is now the biggest exploit in 2023
- The attacker withdrew $136M ETH, $34M USDC, $19M WBTC and $8.7M DAI
- It is currently unclear who carried out the attack and how.
Euler Finance Credit Protocol has undergone flash lending attack. According to BlockSec and PeckShield, $197 million was lost.
The attack took place at 4:50 am ET. Fraudsters took large amounts of funds on credit and then leaked them from the protocol. They managed to withdraw $136M ETH, $34M USDC, $19M WBTC and $8.7M DAI.
So far, there is no information about who will be held responsible for such actions. The Euler Finance team is already working with security and law enforcement professionals and will release more information soon.
“We know, and our team is now collaborating with security professionals and law enforcement. We will publish additional information as soon as we receive it” the company said
Flash loans are a popular tool for attackers. They are convenient for them due to the fact that they allow borrowers to access large amounts of funds without providing collateral. But there is also a high risk since the borrower has to repay the loan within a short period of time.
As a result of the attack, the price of the Euler (EUL) token fell by more than 45%, from $6.10 to $3.30.