Home Crypto News Euler Finance Hits By Flash Mortgage Assault – Bitcoinik

Euler Finance Hits By Flash Mortgage Assault – Bitcoinik

by Cryptoroz

Lending protocol Euler Finance confronted a flash mortgage assault and misplaced $197 million price of crypto property.

In the present day Ethereum-based non-custodial lending protocol Eurler, within the early morning, this platform confronted a flash mortgage assault and that assault helped the exploiter to seize $197 million price of crypto property, which incorporates $136 million of staked ether (stETH), $34 million of USDC, $19 million of wrapped Bitcoin (WBTC) and $8.7 million of DAI.

Euler Finance crew additionally confirmed they got here to find out about this incident and they’re now engaged with the safety crew & regulation enforcement to catch the culprits behind this assault.

Earlier this round 2 days in the past, the Euler Finance crew warned platform customers to stay away from pretend domains, pretending to be Euler Finance.

Flash mortgage assault 

Flash mortgage assault is a loophole of the Defi sector. Below a excessive token worth volatility state of affairs, Defi protocols permit buying and selling of that token with mortgage funds with none collateral. 

Prior to now couple of years, many Defi protocols noticed flash mortgage assaults. Normally, this assault sort stays an easy technique for dangerous actors to steal cash as a result of it doesn’t require KYC verification.

These kinds of incidents are clear trace that the Defi sector wants extra time to evolve, in order that it could actually simply combat towards the bugs and prohibit the dangerous actors’ actions. 

As per reviews, In 2022, North Korean hackers focused greater than 50% of the Defi protocols over centralized platforms to steal crypto property. 

Learn additionally: Cross River Financial institution is now the brand new banking companion for Circle (USDC)


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