Euler Finance, a decentralized finance (DeFi) platform, has been hacked and is pushing to recover funds after it blocked a vulnerable module. Euler Finance said that the hack was due to an exploit in a vulnerable module in its smart contract, which allowed the attacker to mint and sell off fraudulent tokens. The platform is currently working to recover the funds and is urging users who may have bought tokens from the fraudulent sale to contact its team for a refund. This incident highlights the importance of regular security audits in the DeFi space to prevent similar hacks from happening.
Euler Finance, a decentralized finance (DeFi) lending protocol that has experienced losses from network exploits in the past, recently fell victim to the largest exploit of the year. Meta Sleuth, a crypto analytics company, reported that Euler Finance lost over $190 million worth of tokens, including 43.6M DAI and 96,800 ETH. Other DeFi protocols, such as Balancer, were also affected by the attack, leading to a loss of over 65% of Balancer’s TVL. Euler Finance was able to block the direct attack by disabling the vulnerable etoken module and is currently working with security firms and law enforcement agencies to recover the stolen funds. Software vulnerabilities remain a significant threat in the crypto space, and developers continue to identify and patch vulnerabilities to prevent future attacks.