• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Damage updates from Euler Finance and relevant tasks

189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

In the afternoon of March 13, the Euler Finance loan venture was attacked by flash loans, with losses of up to 9 figures. Recently, information of the incident had been launched by the venture, revealing how hackers assault the protocol.

Damage updates from Euler Finance and related projects
Damage updates from Euler Finance and relevant tasks

An report explaining the technical difficulty was published on the Euler Finance Twitter web page (Post Mortem):

Related articles

What is DeFi (decentralized finance)?  Discover the potential and risks of decentralized finance

What is DeFi (decentralized finance)? Discover the probable and dangers of decentralized finance

November 24, 2023
The Lido Finance node operator found the vulnerability and confirmed to proceed with the fix

The Lido Finance node operator uncovered the vulnerability and confirmed to proceed with the resolve

November 24, 2023

An update on our perform currently to recover money for Euler protocol end users.

Here are some actions we took promptly:

one. Stopped the direct assault as quickly as probable by assisting to disable the EToken module, which was blocking deposits and the vulnerable donation perform

two. TRM engaged… https://t.co/6ZClE9uGoH

— Euler Labs (@eulerfinance) March 14, 2023

“A number of updates on what we’re carrying out currently to recover Euler consumer assets.

Immediately block the danger of currently being hacked by disabling the Etoken function, blocking deposit operations in the previously vulnerable donate function.

Work with TRM Labs, Chainalysis, and other ETH technical units to investigate the incident and recover assets.

Report to law enforcement in the US and United kingdom.

We are also reaching out to the folks and organizations accountable for this assault to assess answers and new instructions.”

According to the technical report, the vulnerability that helps make Euler vulnerable lies in the “donateToReserves” perform that will allow end users to deposit ETokens with out checking the account wellness index. As a outcome, hackers can effortlessly consider assets from the platform even if the primary situations of the loan method are not met.

Information from the Sherlock Insurance Unit explained that Euler’s reduction in the crash amounted to $200 million. Euler’s promise was $four.five million, of which $three.three million was paid following the crash.

Unfortunate information@eulerfinancea consumer of the Sherlock Protocol, was hacked currently for ~$200 million.

Sherlock checked the root induce, assisted Euler file a declare, held a vote on the declare for $four.five million (which was accredited), and created $three.three million of the payment currently.https://t.co/CT7aBml9bV

— SHERLOCK (@sherlockdefi) March 13, 2023

However, Euler Finance’s influence extends to numerous other DeFi tasks as effectively, when all the pieces of the puzzle use Euler’s platform to create their items.

Many well-known names incorporate:

  • Balancer: The unit transferred $eleven.9 million to Euler in the kind of bbeUSD tokens.
  • Yearn Finance: Estimated reduction of $one.38 million.
  • Angle Protocol: Estimated losses of USDC 17 million.
  • Yield Protocol: Estimated $one.five million.
  • Reverse Finance: $860,000.
  • Some other names like Mean, Opyn, Sense, and so on.

Before that, as talked about by Coinlive, the hacker promptly dispersed the quantity of funds across various wallets, and transferred some of it to Tornado Cash to hide the trail.

Another unusual occurrence was that an arbitrage trading bot was pre-managed by the hacker, therefore obtaining some of the stolen funds. However, because there was no appropriate make contact with kind, this wallet bot accidentally transferred the funds to the hacker.

Our comply with-up examination exhibits that the really very first hack tx comes from a cutting-edge bot. This Bot Earns Nothing As The Stolen $eight.8M DAI Funds Are Saved To Another Contract Under The Control Of The Original Hacker https://t.co/jjTNhJw4Nn https://t.co/uN8vO0peLx pic.twitter.com/PnHAoIEdn3

— PeckShield Inc. (@peckshield) March 13, 2023

In a message sent back, this shared bot wallet.

“I am the proprietor of a MEV bot and accidentally dealt with the hacker’s very first transaction. I experimented with to do the 2nd transaction beforehand but it failed and I only noticed a new contract currently being produced. I experimented with to return the funds, but this contract can only return to the tackle that seems in the bytecode. Unfortunately, the funds was returned to the attacker’s tackle. I’ve experimented with anything and I’m sorry to absolutely everyone who misplaced funds in this incident.”

I’m not positive if they are telling the total reality. they nonetheless leverage that BSC venture for $346k…

— ZachXBT (@zachxbt) March 13, 2023

However, at the bottom of the feedback segment, DeFi Detective ZachXBT explained he did not feel this was real, since explained wallet had a historical past of attacking a protocol on BSC to the tune of $346,000.

Synthetic currency68

Maybe you are interested:

Maybe you are interested:

Tags: damageEulerFinanceprojectsrelatedupdates
Share76Tweet47

Related Posts

Pi Network Faces High Volatility Ahead of Token Unlock

by shark
June 23, 2025
0

Pi Network anticipates market volatility as it approaches a major token unlock, with significant implications for valuation and user engagement.

Bitcoin Dips to $102,400 Amid Altcoin Drop and Fed Decision

by shark
June 23, 2025
0

Bitcoin's price fell due to the Federal Reserve's interest rate decision, impacting the cryptocurrency market with increased volatility and investor...

Congressman Massie Proposes Federal Reserve Abolition Bill

by shark
June 22, 2025
0

Rep. Thomas Massie's Bill to Abolish Federal Reserve: Implications for U.S. Financial System and Cryptocurrencies

Exposed Crypto OTC Scam Defrauds $50 Million

by shark
June 22, 2025
0

Large-scale crypto OTC scam hits investors, defrauding over $50 million in assets.

U.S. Spot Bitcoin ETFs Record Ninth Day of Inflows

by shark
June 22, 2025
0

U.S. spot Bitcoin ETFs see significant inflows led by BlackRock, indicating strong institutional market confidence.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Pi Network Faces High Volatility Ahead of Token Unlock
  • Bitcoin Dips to $102,400 Amid Altcoin Drop and Fed Decision
  • Congressman Massie Proposes Federal Reserve Abolition Bill
  • Exposed Crypto OTC Scam Defrauds $50 Million
  • U.S. Spot Bitcoin ETFs Record Ninth Day of Inflows
  • Semler Scientific Targets 105,000 BTC Holding by 2027
  • Pump.fun Delays Token Auction Amid Legal Challenges
  • Coinbase Relocates EU Headquarters to Luxembourg Post-MiCA Approval
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7