$190 million stolen from Euler Finance protocol

The Euler Finance decentralized lending protocol was the victim of a hacker attack, losing more than $190 million in cryptocurrency as a result. About this on the MetaSleuth project page on Twitter reported BlockSec analysts. How exactly the attacker was able to pull off the attack is not disclosed.

According to published data, the hacker stole tens of millions of dollars in DAI stablecoin, as well as more than 95,000 ether (ETH). At the time of writing, all the stolen cryptocurrency is deposited on two addresses that were previously replenished through the Tornado Cash sanctions mixer. However, to attack Euler Finance, the attacker used funds from the blockchain of the Binance crypto exchange called BNB Chain (formerly Binance Smart Chain). The hacker converted BEP-20 tokens to ERC-20 through a cross-chain bridge and carried out an attack on the protocol with six transactions, BlockSec writes.

Representatives of Euler Finance confirmed hacking, but did not specify what exactly allowed the hacker to withdraw funds. Analyst @zachxbt notedthat the same cyber-intruders who hacked a certain fcdep protocol on the BNB Chain network a couple of weeks ago and laundered the stolen cryptocurrency through Tornado Cash are probably behind the attack. Then, as a result of the attack, the attackers stole millions of dollars in altcoins.

• According to data Crunchbase, the Euler Finance protocol, has raised over $40 million since its founding in 2020. Among the two dozen investors are venture capital firm Paradigm, the bankrupt FTX, Coinbase, Jump Crypto, Jane Street and Uniswap.

Euler Finance is a decentralized protocol based on the Ethereum network. It allowed clients without a centralized provider to borrow and earn interest by providing liquidity in various altcoins. Amid the news, the native euler protocol token (EUL) collapsed more than 50% below $3. The market capitalization of the token has fallen below $28.9 million, according to data tradingview.