Hackers stole pretty much $200 million from Euler protocol on Monday.
USDC accounted for a the vast majority of the stolen tokens.
Euler Labs is at this time operating to recuperate the cash.

Euler protocol is going through a different risk from the crypto company collapses, crypto lawsuits, and crypto-associated financial institution shutdowns that have plagued the crypto place in the current earlier.

The compact-cap Ethereum-dependent decentralized finance lending protocol was on Monday hacked main to the reduction of crypto belongings truly worth nearly $200 million.

Euler flash bank loan attack

Blockchain stability business PeckShield on Monday tweeted notifying Euler to take a glimpse at some fishy transactions from its system.

Hello @eulerfinance: you may possibly want to take a glance: https://t.co/L7ddZhHNq5

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

Hunting at the transactions from Euler on etherscan, the hacker(s) took off with a assortment of cryptocurrencies which includes 34.4 million USDC, 8.89 million DAI, 85,690 stETH, and 849 WBTC.

In accordance to a tweet from SlowMist, an additional blockchain stability business:

“The attacker utilised flashloans to deposit funds and then leveraged them twice to set off the liquidation logic, donating the cash to the reserve deal with and conducting a self-liquidation to collect any remaining assets.”

Euler Labs, the startup guiding Euler Protocol, has having said that explained that it efficiently stopped the exploit and it is now operating to get better the stolen funds in collaboration with a amount of corporations including Chainalysis.

An update on our do the job nowadays to get better funds for Euler protocol people.

Below are a number of actions we took straight away:

1. Stopped the direct assault as soon as feasible by supporting disable the EToken module, which blocked deposits and the vulnerable donation operate

2. Engaged TRM… https://t.co/6ZClE9uGoH

— Euler Labs (@eulerfinance) March 14, 2023

Euler’s indigenous token, EUL, down 52%

The native token of Euler, EUL, dived by extra than 52% subsequent the revelation of the exploit.

At push time, the token was trading at $3.08 down from a higher of $6.4826 on Monday early morning. And although the token value looks to have consolidated earlier mentioned $3, it is not certain if the token will be equipped to hold that amount looking at that it had dipped from its attempt to recover soon after the slide.