Euler Finance faces $197 million hack

Euler Finance, a cryptocurrency exchange platform, has reportedly suffered a massive hack of $197 million, causing panic among its users. The security breach has exposed the vulnerabilities of centralized exchanges and highlighted the importance of having robust security measures in place. Experts advise users to exercise caution while using exchange platforms and always keep their cryptocurrency in a secure wallet. This incident adds to the growing list of attacks on cryptocurrency platforms, emphasizing the need for increased cybersecurity measures in the industry.

Euler Finance was hacked by malicious players who successfully stole a total of $197 million from the network, $177 million of which had been stolen in four different transactions. The hacking details were shared by BlockSec, which stated that two more hacks were done later to reach the total amount. The stolen funds included $18.5 million worth 849 wrapped BTC, $33.85 million worth of USDC, and $135.8 million worth of 85,817 staked Ethereum. Arkham Intelligence also confirmed the hack for the said amount. Euler Finance engaged with security professionals and law enforcement agencies to recover the stolen funds and disabled the EToken module to stop the direct attack. The team also collaborated with several security groups and notified all law enforcement agencies in the United States and the United Kingdom. Despite the announcement of a bug bounty worth $1 million, a vulnerable code remained on-chain for eight months until being exploited. The hack caused the EUL token value to drop by 48% to a value of 3.10. Euler Finance is a startup that leverages mathematical capabilities to provide high-performing non-custodial protocols on Ethereum and other blockchains. More information is expected to be shared as the investigation continues.

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