DeFi Project Euler Finance Suffers Hacker Attack and Loses $196M
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The Euler Finance team has confirmed the hack of their DeFi protocol, which has caused damages exceeding $196 million.
On-chain data showed a hacker has withdrawn $34.4 million in USDC, approximately $19 million in stETH, an equal amount in WBTC, and $8.9 million in DAI.
Reports indicate the hacker has exploited the platform’s “flash loans” option. In response, the EUL project token plummeted by almost 50% in one day.
This incident is part of a larger trend of Web3 industry hacks in 2022, which have cost an estimated $3.6 billion, almost 50% more than the previous year. The stolen funds were reportedly sent to crypto mixer Tornado Cash.
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