Crypto Hackers Steal $197 Million From Lender Euler Finance: Report

Euler Finance acknowledged the incident, stating that its team is working with security professionals and law enforcement.

Several investors in Euler Finance have shared their stories of significant losses on social media.

Source : Towfiqu barbhuiya/Unsplash

Crypto lending platform Euler Finance has reportedly been targeted by cybercriminals, resulting in the theft of approximately $197 million in cryptocurrencies.

PeckShield, a blockchain monitoring firm, reported that the attack occurred on Ethereum, leading to significant losses for Euler Finance. Researchers and investors have speculated that malicious hackers were behind the attack.

Euler Finance acknowledged the incident, stating that its team is working with security professionals and law enforcement, and promised to share further information when available.

"We are devastated by the effect of this attack on Euler protocol users and will continue to work with our security partners, law enforcement, and the broader community to resolve this as best we can. Thank you so much for your support and encouragement," the company tweeted on Tuesday.

We are devastated by the effect of this attack on Euler protocol users and will continue to work with our security partners, law enforcement, and the broader community to resolve this as best we can. Thank you so much for your support and encouragement.

— Euler Labs (@eulerfinance) March 14, 2023

Several investors in Euler Finance have shared their stories of significant losses on social media, and the platform's crypto token's value has plummeted. According to Chainalysis, 82.1 per cent of all cryptocurrency stolen by hackers last year was from DeFi protocols, totalling $3.1 billion, with cross-chain bridge protocols accounting for 64 per cent of that sum.

(With inputs from IANS)

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.