Euler Finance Hacked for $197 Million – Largest DeFi Hack of 2023

Welcome to this video where we will be discussing the recent 197 million dollar hack that took place at Euler Finance decentralized Finance protocols have become a prime target for hackers and this latest hack is the largest of its kind in 2023. we will be exploring what happened and

How it could affect the crypto Market as a whole on Monday the Euler Finance platform was hacked resulting in a loss of 197 million dollars in cryptocurrencies the majority of the stolen funds worth 135 million dollars were in staked ether tokens s-tth the rest was in wrapped Bitcoin and stablecoins Dai and usdc

This is the largest hack in the decentralized finance sector this year leaving only around 9.7 million dollars locked on the platform according to defiloma data boiler Finance allows users to lend and borrow crypto assets without human intervention however this automated service can leave protocols vulnerable to flaws that

Hackers can exploit making it harder to stop them in their tracks the platform is now investigating the hack and has not provided any details on how it happened experts are pointing to Oiler finances flash loans as a potential Vector for the attack flash loans allow traders to borrow

Large amounts of money without posting a lot of collateral under the agreement that they’ll repay the loan almost immediately this is a popular tool among Arbitrage Traders but it has been a focus of hacks in the past in this instance a flaw and Euler’s code allowed the attacker to simulate fake

Debt on the platform and then make off with the reward once those loans were liquidated the incident has dealt a huge blow to the crypto Market following the recent shutdown of several crypto-friendly U.S banks these closures have left multiple major digital asset companies exposed capping off months of bankruptcies scandals and

Layoffs among crypto firms as a result the market has been in turmoil with digital asset prices taking a hit Euler finances you’ll token fell more than 50 percent to a low of 2.88 cents after the attack was disclosed according to pricing data from coing gecko the hack also shows how hackers continue

To Target decentralized Finance platforms which accounted for 82.1 percent of all crypto assets stolen by hackers in 2022 according to kinalysis if you found this video informative please like and leave a comment below with your thoughts and don’t forget to subscribe to our channel for more videos like this

In this video, we discuss the recent hack at Euler Finance, where $197 million in cryptocurrencies were stolen, making it the largest hack in the decentralized finance sector this year.

We explore what happened and how it could affect the crypto market as a whole. Flash loans are a popular tool among arbitrage traders, but they have been a focus of hacks in the past. Experts are pointing to Euler Finance’s flash loans as a potential vector for the attack.

The hack shows how hackers continue to target decentralized finance platforms, which accounted for 82.1% of all crypto assets stolen by hackers in 2022, according to Chainalysis.

#euler #cryptocurrency #cryptonews

source