Euler Finance: Hacker steals around $197M in 2023’s largest hack

Crypto analytic firm Meta Sleuth

on Twitter that the attack was related to the deflation attack from a month ago. The hacker launched the attack today by using a multi-chain bridge to transfer funds from the BNB Smart Chain to Ethereum.that the movement of funds and nature of the attack appears to be very similar to black hats who exploited a BSC-based platform in February. The funds were transferred to Tornado Cash after exploiting a protocol on BSC a few weeks ago.

Last year, Euler Finance raised $32 million from San Francisco-based VC firm Haun Ventures in a funding round in which FTX, Coinbase, Jump, Jane Street, and Uniswap participated. Euler Finance has become well-known over the year for its liquid staking derivatives services. These tokens allow investors to boost their potential returns by unlocking liquidity for staked cryptocurrencies such as Ethereum.Largest crypto hack of 2023Decentralized finance exploits occur when hackers take advantage of an open-source platform’s code to gain unauthorized access to its assets and exploit them. DeFi attacks are one of the most serious issues confronting the crypto industry.

DeFi protocols as victims accounted for 82.1% of all cryptocurrency stolen, that is, a total of $3.1 billion, by hackers in 2022.Subscribe to get it daily in your inbox.

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