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HomeCryptoEUL token down 52% after the $200 million Euler protocol exploit

EUL token down 52% after the $200 million Euler protocol exploit

  • Hackers stole practically $200 million from the Euler Protocol on Monday.
  • USDC accounted for a majority of the stolen tokens.
  • Euler Labs is at present working to recuperate the funds.

The Euler protocol faces a unique menace than the crypto firm collapses, crypto lawsuits, and crypto-related financial institution shutdowns which have plagued the crypto area in current occasions.

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

Euler blitz assault

Blockchain safety agency PeckShield tweeted Monday notifying Euler of having a look at some shady transactions from its platform.

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

In keeping with a tweet from SlowMist, one other blockchain safety firm:

“The attacker used flash loans to deposit funds after which used them twice to set off the liquidation logic, donating the funds to the backup deal with and performing a self-liquidation to gather any remaining belongings.”

Nevertheless, Euler Labs, the startup behind the Euler Protocol, has mentioned it managed to cease the exploit and is at present working to recuperate the stolen funds in collaboration with plenty of firms together with Chainalysis.

Euler’s authentic token, EUL, decreased by 52%

Euler’s Proof of Origin, EUL, plunged greater than 52% after the exploit was revealed.

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At press time, the token was buying and selling at $3.08, down from a excessive of $6.4826 on Monday morning. And whereas the token worth appears to have consolidated above $3, it isn’t sure if the token will have the ability to preserve that stage because it had dropped from its try and recuperate after the autumn.

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