Euler, a lending platform that allows decentralized storage of cryptocurrencies, has confirmed that it has been the victim of a large-scale hack. Damage is currently estimated at $184 million. The company says it is in contact with authorities to determine how to recover stolen assets.
In the world of cryptocurrencies, we are barely recovering from the biggest computer crash of the century when a new one hits the front pages of specialized media. Just months after Binance’s record-breaking hack, whose jackpot reached €580 million, another platform has become the target of digital asset-hungry hackers: Euler. For beginners, Euler is a lending protocol hosted on Ethereum that specifically allows you to save and borrow assets in a decentralized way.
The amount of loot does not reach the heights of the attack on Binance, but nevertheless it is very impressive. According to initial estimates, it will amount to 197 million dollars, or just over 184 million euros. The hackers mostly stole stablecoins like USD Coin and DAI. This is the biggest cryptocurrency theft in 2023 so far.
Related: North Korean hackers stole $1.54 billion in cryptocurrencies in 2022
Already a new record for the theft of cryptocurrency in 2023
The attack was discovered on Monday, March 13th by cybersecurity company PeckShield, which specializes in the protection of digital assets, which discovered dubious transfers on the platform of several million euros. Alerting Eyler on Twitter, the targeted firm confirmed that it was the victim of a hack, adding that it had reached out to the authorities to clarify the matter and try to recover the stolen funds.
“We are continuing to investigate the illegal mining of Eyler protocol funds that took place this morning,” Eyler said later that day. “The Euler Labs team took several immediate steps to try to recover the funds and determine exactly what happened, including contacting and sharing information with law enforcement, and working with independent third-party auditors and security companies. »
We know and our team is currently working with security professionals and law enforcement. We will post additional information as soon as we have it. https://t.co/bjm6xyYcxf
— Euler Labs (@eulerfinance) March 13, 2023