Euler Finance Is Targeted By Hackers

Ethereum-based, noncustodial lending protocol Euler Finance faced a flash loan attack on March 13 that resulted in the theft of millions of dollars worth of DAI, USD Coin, staked Ether (StETH), and wrapped Bitcoin (WBTC).

According to on-chain data, the exploit yielded nearly $196 million for the attacker and is now the largest hack of 2023.

Crypto analytic firm Meta Seluth and sleuth ZachXBT both noted that the movement of funds and the nature of the attack seem similar to those of a black hat who exploited a protocol on the Binance Smart Chain (BSC) last month, where the stolen funds were deposited to a crypto mixer, Tornado Cash.

Euler Finance is currently working with security professionals and law enforcement to resolve the issue.