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 presently working to recuperate the funds.

Euler protocol is going through a special risk from the crypto agency collapses, crypto lawsuits, and crypto-related financial institution shutdowns which have plagued the crypto area within the current previous.

The small-cap Ethereum-based decentralized finance lending protocol was on Monday hacked resulting in the lack of crypto belongings price practically $200 million.

Euler flash mortgage assault

Blockchain safety agency PeckShield on Monday tweeted notifying Euler to check out some fishy transactions from its platform.

Hello @eulerfinance: it’s your decision to have a look: https://t.co/L7ddZhHNq5

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

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

In accordance with a tweet from SlowMist, one other blockchain safety agency:

“The attacker used flashloans to deposit funds after which leveraged them twice to set off the liquidation logic, donating the funds to the reserve deal with and conducting a self-liquidation to gather any remaining belongings.”

Euler Labs, the startup behind Euler Protocol, has nonetheless stated that it efficiently stopped the exploit and it’s presently working to recuperate the stolen funds in collaboration with plenty of corporations together with Chainalysis.

An replace on our work at the moment to recuperate funds for Euler protocol customers.

Listed here are just a few actions we took instantly:

1. Stopped the direct assault as quickly as potential by serving to disable the EToken module, which blocked deposits and the susceptible donation perform

2. Engaged TRM… https://t.co/6ZClE9uGoH

— Euler Labs (@eulerfinance) March 14, 2023

Euler’s native token, EUL, down 52%

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

At press time, the token was buying and selling at $3.08 down from a excessive of $6.4826 on Monday morning. And though the token value appears to have consolidated above $3, it isn’t sure if the token will have the ability to maintain that degree seeing that it had dipped from its try to recuperate after the autumn.