Euler Finance EUL crashes 48% following $197M hack

Euler Labs has been exploited for $177 million in four transactions, according to Blockchain security firm BlockSec.

The smart contract auditing firm added that two more attack transactions took the total loss to $197 million.

According to a google document shared by the firm, the malicious players stole $8.76 million worth of DAI, $33.85 million USDC, 849 Wrapped Bitcoin (WBTC) worth $18.5 million, and 85,817 staked Ethereum  (stETH) worth $135.8 million.

Another on-chain data service provider Arkham Intelligence corroborated BlockSec’s finding.

The UK-based firm confirmed that it was aware of the exploit. It added:

“We are aware and our team is currently working with security professionals and law enforcement. We will release further information as soon as we have it.”

Following the news, Euler Labs’ EUL token has plunged by roughly 48% to 3.10, according to CoinMarketCap data.

Euler Finance provides on-chain lending services and completed a $32 million funding round that included Coinbase and defunct crypto exchange FTX in 2022.

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