• Disclaimer
  • Privacy Policy
Media Coverage
  • Analyst Ratings
  • Market coverage
  • Business news
  • Wealth
  • Stock Markets
  • World Economy
  • About Us
    • About us
    • Contact
No Result
View All Result
  • Analyst Ratings
  • Market coverage
  • Business news
  • Wealth
  • Stock Markets
  • World Economy
  • About Us
    • About us
    • Contact
No Result
View All Result
Media Coverage
No Result
View All Result
Home Analyst Ratings

Euler Finance Loses $196 Million in Flash Loan Smart Contract Hack

Gabriel Bello Obando by Gabriel Bello Obando
May 5, 2023
in Analyst Ratings
0
Day Trading
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

On March 8, 2022, Euler Finance fell victim to a flash loan brilliant contract hack, resulting in approximately $196 million theft. The hacker was able to exploit a vulnerability in Euler Finance’s smart contract and make off with the stolen tokens.

As part of the hack, the attacker moved some of the stolen tokens through the mixing protocol Tornado Cash, transferring 1,000 ETH worth about $1.65 million through the sanctioned Tornado Cash. Before moving the funds to Tornado Cash, the hacker refunded one of the exploit’s victims after they asked for their “life savings” back.

The theft immediately impacted Euler Finance’s native token, EUL. The price of EUL plunged by more than 52% on the day of the exploit and has not recovered from the fall. Euler Finance has yet to state the incident.

Flash loans are a type of unsecured loan offered by decentralized finance (DeFi) protocols that allow users to borrow funds without any collateral. They are typically used for arbitrage opportunities or other short-term trading strategies.

However, due to their unsecured nature, flash loans are vulnerable to hacks and exploits. Hackers, as with Euler Finance, can exploit intelligent contract vulnerabilities to steal funds from flash loans.

This is not the first time a DeFi protocol has fallen victim to a flash loan hack. In 2020, a hacker stole $24 million from Harvest Finance through a flash loan exploit. In 2021, another flash loan hack resulted in the theft of $8 million from Cream Finance.

As the popularity of DeFi protocols continues to grow, we will likely see more flash loan hacks in the future. Investors and users of DeFi protocols should remain vigilant and exercise caution when participating in these platforms.

Euler Finance is not the first project to suffer a significant security breach. Since its inception, the cryptocurrency industry has been plagued with hacks and exploits, with hackers stealing billions of dollars from various platforms. Despite these security incidents, the industry continues to grow and mature, with many companies implementing more robust security measures to protect users’ funds.

However, the fact remains that cryptocurrency platforms are still vulnerable to attacks, and users should always exercise caution when using these platforms. This includes ensuring that they are using strong passwords and two-factor authentication and being careful when interacting with smart contracts and other potentially risky features.

As for Euler Finance, the team has assured its users that it is working to resolve the issue and that the stolen funds will be returned. The team has also promised to conduct a thorough investigation to determine how the attack occurred and to implement additional security measures to prevent future breaches.

The incident again highlighted the need for robust security measures in the cryptocurrency industry. While the industry continues to grow and mature, security remains a critical concern, and companies must take steps to ensure the safety of their users’ funds. Ultimately, it is up to users to take responsibility for their security and exercise caution when using cryptocurrency platforms.

Tags: Euler Finance
Previous Post

How Recent Bank Failures May Influence Interest in Cryptocurrencies

Next Post

US Judge denies DOJ appeal to halt $1 billion asset-sale plan between Voyager Digital and Binance.US

Next Post
Stock Market News

US Judge denies DOJ appeal to halt $1 billion asset-sale plan between Voyager Digital and Binance.US

Wealth

Sugarhill Ddot’s Net Worth: Inside The Career of the Rising Drill Rap Star

by Gabriel Bello Obando
November 10, 2023
0

When it comes to the hip-hop scene in America, there are a few names that stand out. However, one name...

Read more

From Telenovelas to Hollywood: Exploring Kate del Castillo Net Worth and Career Achievements

June 1, 2023

Adamari López Net Worth: An Inspirational Tale of Resilience Beyond The Screen

June 1, 2023

Simon Helberg Net Worth: A Multi-Talented Hollywood Star

June 1, 2023

Sam Bailey Net Worth: Her Journey to Fame and Musical Career

June 1, 2023

Categories

  • Analyst Ratings
  • Business
  • Business news
  • Market coverage
  • Pre-IPO & Startups
  • Stock Markets
  • Wealth
  • World Economy

About Us

Our team of experienced journalists and industry experts is committed to providing you with the latest and most accurate information on a wide range of topics, from finance and technology to politics and the economy.

We are proud to be part of the Best Stocks team and to offer our readers exceptional content that is informed by our combined expertise. We look forward to continuing to serve our readers and to playing a key role in the world of business analysis and reporting.

READ MORE

  • Media Contacts
  • Journalist Contacts
  • Contact
  • About us
  • Disclaimer
  • Privacy Policy

© 2023 Media Coverage

No Result
View All Result
  • Analyst Ratings
  • Market coverage
  • Business news
  • Wealth
  • Stock Markets
  • World Economy
  • About Us
    • About us
    • Contact

© 2023 Media Coverage