Euler DeFi Protocol Exploited for Nearly $200,000,000…

Creature frog in the area for another stream this time we’re talking about yet another awful terrible stressing decentralized Finance exploit slash hack this time involving Ula or Ula Finance it is absolutely a jungle out there folks in the defy sphere it’s brutal why do we put ourselves through it

I find myself asking this question on an almost daily basis we’re the Pioneers ladies and gentlemen so it’s something we just have to deal with I guess uh subscribe click the bell for notifications so you don’t have to check my Twitter every time I go live her tune size in the house Legend

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So just go there put an email in click subscribe and you’ll get all my posts on substack and I also wrote just now only three coins Survivor crypto apocalypse Bitcoin ethereum and Monero you all know it’s true right so we’re talking about Euler D5 oh man this hit so close to home but

I I can’t tell you how many of these things I’ve been a victim of and it’s just reading like the stories of um people who have been affected by it’s really rather stressing it’s good to know that I still have a heart somewhere or at least some muscle that pumps blood

But this is an article from coindes this happened just within the past 24 hours or so making this stream and it really uh tugged on my heartstrings so the first major real um exploit slash hack of 2023 and it was a large one a large one but not a large

One like yeah I had a proper large one last night as in it was a good fun a large one like absolutely terrible so coin dot coindesk report that the losses occurred over four transactions only four transactions it take to absolutely scoop out nearly 200 million dollars Die rap

Bitcoin State ether and usdc after the attacker conducted a flash loan attack who in the comments if you’re watching live or if you’re watching the replay who is behind this I mean I struggle to believe that’s always North Korea the Lazarus group I think the Lazarus group is often just

Code name for the CIA anyway this goes on to say that decentralized lending protocol Ula Finance suffered an exploit that resulted in almost 200 million dollars being lost um this is according to Smart contract auditor block SEC the attacker used a flash loan to conduct the attack

We get onto what uler Finance says in a minute flash loans man can’t we just get rid of flash loans can’t we make that a thing flash loans are always the thing Behind These shitty exploits and that can’t we just get rid of flashlights please uh available and

Any other service that offers them can we just pull that [ __ ] I mean I’m all for like defying [ __ ] but flash loans just don’t seem like worth the trouble comment if you believe that is also the case fresh loans allow D5 users to borrow millions of dollars against zero

Classical collateral see that’s that’s not cool man and plus it’s being used to like [ __ ] people over this really pisses me off so basically flash loans like you borrow something and pay it back all is in the same transaction as if the loan never existed hence the name uh flash loan um

Yeah in April of 2022 literally 48 hours after I stuck a bunch of money in it Beanstalk stablecoin protocol was drained of 182 million bucks of which part of that was mine what a wonderful morning that was I think it was a Sunday morning I woke up to that news fabulous

Um and in May 2020 more than 1.2 million literally a drop in the bucket compared to Beanstalk and Ula uh from taken from inverse Finance even as attackers use the loan to temporarily trick the protocol into falsely assuming it held a low amount of e-token a collateral token issued by

Uler based on whichever deposit is deposited into the protocol a separate D token or debt token is also issued by Ula so that an on-chain liquidations automatically triggered when the amount of D tokens exceeds the amount of e-tokens held on the platform another thing if you’re going to make

These complex D5 protocols make sure you have the chops to make it like as bulletproof as humanly possible and I did notice I did tweet about this get a proper auditor to look at look at your books look at the code I I did notice that PEX Shield really seems to

Be on the case they’re always like uh at whoever you might want to check this out literally within moments of it happening so the attacker took out over 30 million dollars worth of dye so the attacker received 19.5 million dollars worth of dye then received 195.6 million e-die and 200 million die sickening

Comment below if you’ve been a victim of one of these exploits and all that absolutely gross dude like I say I got spanked uh left and right by Beanstalk Dreadful so I could feel Ula Finance people’s pain I feel your pain Brothers we’re all brothers and sisters here so this is decrypt the

Write pretty good articles it’s a two minute read so write up my right up my street 18.5 million dollars in rap Bitcoin a whopping 135.8 million dollars in state ethereum gross another 33.8 million in circles usdc a block sex spokesperson told the [ __ ] that the root vulnerability is still

Unknown how is it still unknown do you really think that this is all like some 18 year old North Korean hackers who are just like super geniuses I I really have a tough time thinking that and I always think that naturally one’s mind goes to thinking Inside Job 7-Eleven was an in-store job

Um how can the root vulnerability still be unknown but they do know that the attack used a series of six different flash loans to leverage the attack flash loans be gone already I’ve really had enough of it I think it’s responsibility of the D5 Community to reach out to these services that offer

Flash loans and just say cut it out it’s Wrecking lives as I said before PEC Shield are always super on the case they basically worked out kind of what was going on right from the get-go so you have a bunch of their tweets regarding it anyway there’s another

This was eight hours ago probably one of the more recent ones um code bug enabled flashlight um have you ever taken a flash loan leave a comment and do you think flash loan should be abolished I for one say yes and no I’ve never done a flash loan

And as a result of it getting exploited the UL governance token lost over half its value in the wake of the attack whether it will never make a comeback who knows ulo confirmed it’s working with trm Labs chain Nellis and the broader ethereum security Community to track and attempt to

Recover the stolen funds good luck with that going back to my nightmare with the bean stalk oh gross dude British and American law enforcement has also been notified why notify the US law enforcement when they’re Lazarus allegedly on there Euler’s total value locked currently stands at just over 10 million dollars

Oh gross dude why’d you have a vulnerable function when you have been you have custody of hundreds of millions of dollars worth of cryptocurrency why do you have a single line of code that can possibly be exploited and why aren’t there consistently uh Auditors of the highest quality dissecting everything if there’s any

Changes to the codes in these defy contracts they should be gone over with a fine tooth comb and to see whether that particular line of code that might have been altered somewhat might affect some other line of code as a result of being changed surely that just makes sense

I mean bro if you have 200 million dollars in tvl you must be making sick cash from all the fees in that surely you can get like pick Shield or one of the other reputable Auditors to have basically work 24 7 just keeping an eye on your [ __ ] it’s my personal opinion

Sorry my sparkling water is ejecting carbon dioxide um it’s pretty gross dude and so this is their website this is the most recent update as of time making this stream they say they are trying to recover funds good luck with that ever after having been a victim of

Beanstalk and selling my position for uh eight cents on the dollar good luck with that so they took a few actions immediately they stopped their direct attack as soon as possible like literally I don’t think they responded for like an hour helping disable the e-token module why’d

You even have in the first place which book deposits in the vulnerable donation function don’t have vulnerable functions engage with certain communities to help with the investigation bloody blah they also contacted those responsible for the attack Allah they did that with Beanstalk 2 but didn’t [ __ ] do

Anything to see if we might learn about our options AKA give them like 50 of the money I hate it stop doing fresh loans stop it stop it stop it uh and this is a guy just to give it a human element this guy uh Jack Purdy

Is director of B2 Dao and mazari crypto he says today I just lost about all my savings in the Euler Finance hack bro bro I don’t know why there’s a picture of literally Bernard Manning American viewers listeners probably don’t know who Bernard Manning is but uh

Google him you’ll find that he’s quite a controversial figure I find it quite unusual that Bernard I assume that looks pretty much like Bernard Manning I assume it is him he’s dead now down about as bad as can be and yet I’m fear feeling more clear-headed and

Motivated than I ever had in my life no I’m not taking the Michael out of him I mean gutted and if you’re ever listening to this bro really sorry for your situation and I’m glad you seem to be handling it much better than I would be so allow a stream of Consciousness on

Dealing with a loss of catastrophic proportions this spear warning uh story to everyone listening and to myself also he goes on to say for starters this was my fault not the Ula team and not the hackers wow what a forgiving man I put my money somewhere knowing there

Were risks involved so I have to take complete ownership of all consequences resulting from it well that is also a fair point but it is kind of the Ula team’s fault and it is kind of the Hacker’s fault that they stole the money bro there’s no point placing blame outside

Oneself well you did put the money in like I said while getting angry at others or convincing yourself you’re the victim kind of for temporarily from the pain it does I can vouch for that it only distracts from the reality of the situation down bad

Which is that I lost a [ __ ] ton of money don’t think he says how much he lost but it must have been a substantial more amount considering he’s basically said all his Savings in the world no Financial advice of course do what you want your money but probably not

Best sticking your entire life savings into D5 protocols considering how many exploits and whatnot have happened over the past 12 months alone he goes on to say but the fact is there’s nothing I can do to change what just happened not a thing in the world

In my power that will bring those funds back I don’t know hire some French legionnaires the net benefit to me is getting all worked up about something as non-existent the net benefit to me by getting all worked is up is about non-existent yeah all right well I mean what is

If he has that kind of fortitude in his character as my I tip my cap to you sir um but I’d be frantic with worry I don’t know how old he is he might just be like 19. but imagine if you were like four-year-old married with kids dude it’s like uh darling yeah

Remember that 500k we had that we’re going to buy a house with yeah it got hacked by someone in Ula Finance she’d be like what the [ __ ] hula Finance yeah be like sit down it’s a long story I’m not laughing at Jack by the way I feel this pain like say I’ve been

Through his pain many a Time so instead of blaming others or wallowing and self-pity what is else is there to do uh smash a table up find that quite therapeutic after Beanstalk ragged me over well recently I’ve become obsessed with this idea and more fatty the love of Fate oh God

Instead of just passively accepting what happened to you because you can’t change it why not form a visceral love for it I think he’s having a mental break on to this exact moment you’re in one that has provided this unique opportunity to make of it what you will wow I mean geez bro

Sure this means I may need to cut back on some travel delay those house renovations sell those jpegs I grew so fond of I wish I could sell my jpegs bro so at least you’ve got sellable jpegs so at least you can make it back a little bit

But it also means that I get to approach tomorrow with a file it under my ass like I’ve never experienced before in my life well that’s great to hear it’s good to hear bro [ __ ] fight the day if in right that means I’ll be ruthless ruthlessly cutting out any work distractions

Might have to pull a couple of double shifts bro not gonna lie to you coming to every call and meeting I’m over prepared working a few extra nights and weekends just pointing out before before whatever it takes to build a multi-billion Dollar business with mizari crypto to make it back and then some

And when it’s all said and done it’s just money kind of true I mean at least you still are living and breathing sir but oh I don’t know how would you how were the people watching the replay and watching this live react in such a situation

Would you be as cool-headed as Mr Purdy here if you lost money in Oola that means you have an internet connection probably a nice shelter over your head it means you had access to high quality information to even understand this crazy world of crypto thank you very much

I didn’t have money in hula by the way and uh if anyone’s watching like I say and if Mr Purdy is watching my heart does go out to you and I’m sending good vibes your way having myself also been victimized by these defy hacking scammers most people in the world aren’t as

Fortunate crazy as it sounds but I’m grateful to have ever been in a position for some Anonymous hacker across the world to steal all my money jeez taking it a little bit too well I’ve gotta I’ve gotta learn this energy moral of the story it’ll be all be okay

So will you so will all of us here and so will all the crypto frog YouTube subscribers and YouTube and crypto frog subscribe star Giga Chad Legends and crypto frogs sub stack subscribers whether you lost money on Oola or FTX or any of the other Myriad of dollar training Shenanigans this industry has

Brought us been and will likely continue to do so it’ll be all right I might bookmark this uh tweet thread just so I can just look at it and like that Meme of the guy from The Avengers or whatever or the Marvel Comics stroking the phone I’ll be

That guy one day something’s gonna happen in it finally he finishes by saying just take ownership don’t try to change what happened Ghana a love for it what flash loans and have some gratitude for all that you do have rather than looking back on what you don’t yet

Definitely looking back in crypto is never a good idea what may have been what what if my auntie had testicles she’d be my uncle it doesn’t matter what’s done is done but just let it all out bro don’t go down this kind of Zen uh but it’s [ __ ] if you’re not really

Feeling it and if you ever want to DM me on Twitter and talk it out I mean like say I’ve been affected by Beanstalk in the past overall with the punch like you are but I didn’t have my entire life savings in like you said you did

But yeah I mean you seem like a very smart guy uh hopefully the next D5 protocol you choose to lump your life savings into doesn’t have an issue with flash loans thanks for coming to my Ted Talk on getting wrecked real and let’s see what some of the replies

Saying love that Spirit you will definitely make it back and then some I I kind of hate it when people say that because it’s not true it’s an assumption great meeting you in Denver as well when when you’re buying all that champagne and all that Love This Thread sir hope you can make

It all back 10x at least he said hope you can make it all back 10x because people just say you’ll make it back 10x that’s an amazing attitude in the face of diversity I think it’s adversity bro take care diversity it’s probably like any time you say anything close to diversity

Spell check to change it to diversity because it woke this is the best attitude to process and move on all the best comeback stronger sir sorry for your loss but impressive to see your positive attitude you will come back from the stronger heart of a champion damn man sorry to

Hear about it that’s if I was gonna leave a reply it that’s what I just seen damn man sorry to hear about that but then I wouldn’t add but you’ll make it back that’s not a given uh some other reactions from people who are either in Ula or just watching on

The sidelines Fubar who has a pretty big Twitter account for 123 000 followers is sad to see they poured a ton of money and energy into six different audits looks like if they had six different Auditors they should immediately Sue all of them and make the people who got affected by

This hack hole I mean if Joe Biden can do it for bloody Silicon Valley Bank bloody do it for the Ula Lads Chads I hope they recover it’s a solid primitive it was and they’ve innovated on the permissionless learning from oh God bro but you’re literally talking about a project that was just

Hacked for like hundreds of millions of dollars and you’re talking about like how they were so great time and place for that not literally 24 hours after this [ __ ] went down uh band tag said someone replicated the hack Newman cyber might reach out for them later see if I

Can make some of my Beanstalk money back in it God such a primitive operation talking A Primitive my operation is extremely uh primitive and this I saw this before Oh God if only you can if you’re listening you might want to delete this tweet Bros October 28 2022

Ula Labs team has arrived ready to hack and party ready to hack and party Oola is named after a dead mathematician but you don’t need fancy math to lend and borrow crypto oh God yes you do you need to have a bit of an IQ I’m not saying people who are in

Ula didn’t have a IQ but if you are investing in highly complex D5 protocols you need to have done your research and know what you’re doing before you start pouring ethereum or Sable coins into something basic common sense not just making it easy for I don’t know Dorothy down the road who’s 50

Should be for Giga IQ chats like me and the people watching this video not for the every man only for people who know what they’re doing should be able to waste their money on these D5 protocols that continually get hacked those are the rules don’t drag the ordinary normies into it okay

And this is like Milky Way coming to the assumption North Korea just stole 200 million dollars from Ula and you’re not longing this never gonna make it a long a nun why is the Assumption it’s always North Korea do you think North Korea was behind this it’s pronounced

Oiler I don’t give a [ __ ] EULA love Euler potato tomato tomato okay uh cryptophasia I’ll call it Euler oil la some people some guy got really wrecked uh this is Scoopy tuples the person behind out alchemics maybe a crypto phaser can tell me how I pronounce that

Sorry I just heard about oil ah I’m sorry for the awesome team and trusting depositors uh would you mean trusting deposit oh the trust okay that that’s from people not involved for a team that took security as seriously as they did six audits that scandalous that a project can be

Audited by six different firm maybe not six different firms but be audited six different times I don’t know when the final audit was but that is appalling the auditor of uh Euler Finance I hope they’re getting like served do you know what I’m saying geez

This guy uh War toll he he had a lot of money in it too he got wrecked so my sympathy is to him as well um d c f God now after the oil ah heck turns out Temple lost five million dollars of stables because balancer had them switched to BB

Oil USD to get rewards which represents another one million dollars I’ve now been exploited for today ah God is so brutal see and this this is what it has like the Ripple effects the contagion effects angle protocol angle protocol is impacted by the Euler exploit the

Protocol had over 17 and a half million usdc deposited there the protocol has been paused debt ceiling set to zero and the oiler Amo has been worn down we are monitoring the situation and we’ll communicate update as soon as you have them at DCF God said f my life I’ve got two

Million stuck in oil oil oh God Bros and Degen Spartan saying uh all on-chain crimes have been allowed since sacritide brutal bro just leave it alone that guy doesn’t know when to stop gains he says only smart people got affected by the Euler Finance hack Reserve has never heard of it just use

Your Galaxy brains to make more money that’s a nice nice uh post I suppose at least he isn’t like flat out taking the piss uh Tyler Reynolds says I think he’s a big Heath guy he went to Yale don’t you know the biggest takeaway from the oiler fine

Attack is to only use immutable protocols like Silo Finance Euler contract was upgraded multiple times including without ah so this is why so the people saying six audits but then every time you change your contract and upgrade it it should be audited again if what Tyler Reynolds here is saying is correct

He says the contract was upgraded multiple times including without an extensive auditing and formal verification process one of these small changes created a four that was exploited which is exactly what I suggested happened before if you change even one toggle one thing around in a contract the entire contract should be completely re-audited

Completely Tyler Reynolds goes on and then uh say my goodbyes y’all um you know what you’re getting into with an immutable contract if it hasn’t been hacked you should have increased confidence that it won’t be hacked any changes to a protocol however Miner is like trusting a brand new contract with

Other funds yes I agree with that so now let’s not let Euler off the hook if that is the case new or modified contracts should not be trusted as much as they are even when they’re by the same development team it’s a sad day as Euler Finance has

Brought some wonderful ideas to the D5 money markets I’d like to once again say uh having been well bloody freaking fat fingering um as being a victim to not one but several of these D5 exploits in the past I’d do uh pass on my deepest sympathies to

Anyone affected by this and don’t let it uh ruin don’t even let it ruin your it’s probably going to ruin the next couple of days but don’t let it ruin the rest of the week or the rest of the month or the rest of the year and especially not

The rest of your life don’t do anything bloody stupid for it for a kickoff subscribe to my channel click the Bell that’d be greatly appreciated if you like this video if you like my content click Thumbs Up And subscribe and disclaimer everything I said in this stream is completely uh not

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The first massive crypto hack/exploit of 2023 has occurred.
Euler Finance suffered an exploit of at least $197 million.
Reports indicate the attacker used flash loans to nab a variety of assets.

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