DeFi Lender Euler Finance Hit By $197 Million Hack, Experts Say

Decentralized lending protocol Euler Finance was hit by an attack that drained $197 million in cryptocurrencies from its platform on Monday, making it the largest hack in its corner of the digital-assets market this year. From a report: The bulk of the hacker's loot -- worth roughly $135 million -- was denominated in staked Ether tokens (stETH), while the remainder was held in wrapped Bitcoin and stablecoins DAI and USDC, according to security firm BlockSec. Some of the proceeds from the attack are already being laundered through Tornado Cash, a US-sanctioned platform which enables users to obfuscate their transaction history, security companies PeckShield Inc and Elliptic said.

The incident on Monday morning in London has almost wiped out Euler's on-chain value, leaving only around $9.7 million locked on the platform, data from DeFiLlama show. Euler Finance allows users to lend and borrow large amounts of cryptoassets through an automated service that does not require human intervention. The protocol's EUL token fell more than 50% to a low of $2.88 after the attack was disclosed, according to pricing data from CoinGecko. Details of the hack weren't immediately provided by the platform's developer Euler Labs.

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