Protocols report exposure to the $197 million Euler Finance hack

A recent report highlights protocols that have been exposed to the $197 million Euler Finance hack. This event has led to significant losses for these protocols, which could affect their operations and overall performance. The report sheds light on the severity of the hack and the measures that the affected protocols are taking to mitigate the impact. This news is important for the cryptocurrency community as it underscores the need for robust security measures and greater vigilance to avoid similar attacks.

Euler Finance was hacked by malicious players who stole a total of $197 million in funds through four different transactions for $177 million, adding two more attacks to the concern. This was first reported by blockchain security firm, BlockSec, and then corroborated by Arkham Intelligence. The hack involved $8.76 million DAI, $18.5 million worth of 849 wrapped BTC, $33.85 million worth of USDC, and $135.8 million worth of 85,817 staked Ethereum. Euler Finance took swift action to stop the malicious players from causing any further damage and has informed relevant law enforcement agencies in the US and UK about the attack. The value of the EUL token plummeted by 48% to $3.10. Several other protocols were affected by the Euler Finance exploit, including Angle Protocol, which paused its protocol and set zero as the debt ceiling, and Balancer, which put its protocol on hold and is in recovery mode for bbeUSD and pools that contain Euler-boosted USD. Yearn and Alchemix reported indirect exposure to the exploit through their vaults, but no direct exposure. Sherlock helped Euler Finance submit a claim for $4.5 million, and Inverse reported a loss of approximately $860,000. The $197 million exploit at Euler Finance occurred months after the venture led a $32 million funding round that saw the participation of FTX and Coinbase in 2022.

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