Euler Finance Suffers Ongoing Hack of $200M ETH, DAI

  1. DeFi protocol Euler Finance is under attack, with at least $200 million gone.
  2. The hack is ongoing, and 34 million DAI and 100,000 ETH have been lost so far.
  3. The hackers’ wallet addresses have been identified already.

Euler Finance, a decentralized finance (DeFi) startup based on Ethereum, is under attack at the time of writing. So far, the hacker was able to siphon at least $200 million worth of ether (ETH) and Dai (DAI).

Specifically, at least 34 million DAI and almost 100,000 ETH worth roughly $1.6 million have left Euler’s wallets. These were observed by various on-chain analytics firms such as PeckShield, BlockSec, ZachXBT, and many more.

At the moment, the Euler team is quiet on social media. It may be that the team is already working toward stopping the hacker from exploiting the protocol any further. 

It is not clear what kind of exploit is being used by the hacker. Some have mentioned that the hack is a typical flash loan exploit. However, some claim that this could be worse — it may be the work of a black hat attacker.

It is not clear how much will be drained from Euler’s coffers. However, the two addresses where the funds are going have been identified.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.