Hackers rob cryptocurrency worth roughly US$ 197 million from the crypto lending platform Euler Finance.
The loss of US$ 197 million from the project was caused by Euler Finance being exploited in a flurry of Ethereum transactions, according to a tweet from blockchain monitoring company PeckShield.
ZachXBT, an independent researcher, tweeted that this is “very probably” a cyber attack.
“Our staff is collaborating with law enforcement and security experts, as we are aware, at this time. As soon as we receive more details, we will let you know, said Euler Financial in a tweet.
A number of Euler investors posted about their situation on social media.
“Almost US$ 1.3 million disappeared. An investor in Euler commented on Discord, “I thought they were the most secure lending protocol, I never liked Michael on Twitter, but I wouldn’t even picture them releasing upgrades without prior notification or audits.
After hearing about the cyberattack, the value of Euler’s cryptocurrency plummeted.
The worst year yet for cryptocurrency investors was 2018 when hackers stole $3.8 billion, an increase from $3.3 billion in 2021.
The largest single month in cryptocurrency hacking history, according to Blockchain analytics firm Chainalysis, saw $775.7 million stolen in 32 distinct operations.
DeFi (Decentralised Finance) protocols made up 82.1 percent of the US$ 3.1 billion in cryptocurrencies stolen by hackers, up from 73.3 percent in 2021. 64 percent of the US$ 3.1 billion came specifically through cross-chain bridge methods.
