Cyber-criminals have stolen $197 million in cryptocurrencies from Euler Finance, a crypto lending platform. This attack is one of many cryptocurrency heists in recent years, which have resulted in billions of dollars in losses for investors. In this article, we will discuss the attack on Euler Finance, its impact on investors, and the broader trend of cryptocurrency hacking.
The Attack on Euler Finance
Blockchain monitoring firm PeckShield reported that Euler Finance was targeted in a series of transactions on Ethereum, leading to the loss of $197 million from the project. Independent researcher ZachXBT confirmed on Twitter that this was almost certainly an attack by malicious hackers. Euler Finance acknowledged the attack on social media, stating that its team was working with security professionals and law enforcement. The company also promised to release further information as soon as it becomes available.
The Impact on Investors
Several Euler investors took to social media to express their frustration and disappointment with the platform. One investor on Discord reported losing almost $1.3 million, saying that they had believed Euler Finance was the most secure lending protocol. The investor also expressed surprise that the platform had released updates without prior notice or audits. The news of the attack caused Euler’s crypto token to plummet, which is likely to have a significant impact on its investors.
The Broader Trend of Cryptocurrency Hacking
In the antecedent year, malevolent cyber assailants absconded a mammoth sum of $3.8 billion from stakeholders who invested in cryptocurrency, marking it as the most catastrophic year so far for such persons.
This figure surpasses the previous year’s $3.3 billion total. Chainalysis, an analytics platform for blockchain, disclosed that October of the year 2022 saw the largest monthly haul of cryptocurrency hacking ever documented, with 32 distinct attacks netting a total of $775.7 million in stolen assets.
Decentralized Finance (DeFi) protocols accounted for 82.1 percent of all cryptocurrency stolen by hackers, a total of $3.1 billion, up from 73.3 percent in 2021. Cross-chain bridge protocols were particularly vulnerable, accounting for 64 percent of the stolen funds. These statistics highlight the growing threat that cryptocurrency hacking poses to investors, especially those who invest in DeFi protocols.
The attack on Euler Finance highlights the need for increased security measures to protect cryptocurrency investors. As the popularity of cryptocurrencies continues to grow, so too does the risk of cyber-attacks. It is essential that crypto companies invest in robust security systems to prevent hacking and protect their investors’ funds. Additionally, investors must remain vigilant and informed about the risks associated with cryptocurrency investing to avoid falling prey to hackers
