As if the standard banking system isn’t inflicting sufficient troubles, a DeFi lending protocol referred to as Euler Finance was additionally hit by a flash-loan assault.
The harm equates to nearly $200 million value of staked ether, USDC, wrapped BTC, and DAI.
- Euler Finance is a decentralized lending protocol that was most just lately exploited for a whopping $197 million in complete.
- The breakdown of the funds is as follows: $8.7 million value of the decentralized stablecoin DAI, $34 million value of USDC, $19 million WBTC (wrapped BTC), and $136 million value of staked ETH.
- The hacker was capable of borrow a big amount of cash and drain them from the DeFi protocol by way of a so-called flash mortgage.
- The best way flash loans work is they permit customers to take a mortgage with out collateralizing them, supplied they’re able to return the borrowed funds inside the similar block.
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