Cyber-criminals have stolen almost $200 million in cryptocurrencies from Euler Finance, a crypto lending platform. The attack was carried out through a flurry of transactions on the Ethereum blockchain, resulting in the loss of funds.
According to blockchain monitoring firm PeckShield, the attack led to the loss of $197 million from Euler Finance. Independent researcher ZachXBT tweeted that the attack was almost certainly carried out by malicious hackers.
Euler Finance has confirmed the attack and is currently working with security professionals and law enforcement to investigate the incident. The company has stated that it will release further information as soon as it becomes available.
Several Euler investors have taken to social media to express their distress over the incident. One investor wrote on Discord that almost $1.3 million had been lost, adding that they never imagined the lending protocol to be vulnerable to such an attack.
The news of the cyber attack has led to a drastic fall in Euler's crypto token value. This incident highlights the ongoing security challenges faced by the cryptocurrency industry. Last year, cryptocurrency hackers stole a record $3.8 billion, up from $3.3 billion in 2021, making it the worst year on record for crypto investors.
DeFi protocols were the most significant victims, accounting for 82.1% of all cryptocurrency stolen by hackers, totaling $3.1 billion, up from 73.3% in 2021. Of the $3.1 billion, 64% came from cross-chain bridge protocols specifically.
This incident underscores the importance of robust security measures to protect against cyber threats in the cryptocurrency industry. With the increasing popularity of digital assets, there is a pressing need for companies to prioritize security and invest in innovative solutions to mitigate risks.