Business
Hackers steal $197 mn from crypto lending platform Euler Finance
New Delhi, March 14
Cyber-criminals have stolen about $197 million in cryptocurrencies from crypto lending platform Euler Finance.
Blockchain monitoring firm PeckShield tweeted that Euler Finance was exploited in a flurry of transactions on Ethereum, "leading to the loss of $197 million from the project."
Independent researcher ZachXBT posted on Twitter that this is "almost certainly" an attack by malicious hackers.
"We are aware and our team is currently working with security professionals and law enforcement. We will release further information as soon as we have it," Euler Finance said in a tweet.
Several Euler investors went to social media platforms to post about their plight.
"Almost 1.3 million USD gone. I thought they were the most secure lending protocol, I never liked Michael on twitter, but I wouldn't even imagine them releasing updates without prior notice or audits,a a Euler investor wrote on Discord.
Euler's crypto token fell drastically after the news of the cyber attack.
Cryptocurrency hackers stole $3.8 billion last year, making it the worst year on record for crypto investors, up from $3.3 billion in 2021.
According to Blockchain analytics platform Chainalysis, October was the biggest single month ever for cryptocurrency hacking, as $775.7 million was stolen in 32 separate attacks.
DeFi (Decentralised Finance) protocols as victims accounted for 82.1 per cent of all cryptocurrency stolen by hackers -- a total of $3.1 billion -- up from 73.3 per cent in 2021. Of that $3.1 billion, 64 per cent came from cross-chain bridge protocols specifically.
2 minutes ago
Being self-reliant in war-fighting platforms vital: Army chief
4 minutes ago
3.24 billion people use Meta apps, Threads reaches 150 million monthly active users
4 minutes ago
Indian-origin researcher unravels link between depression and heart disease
5 minutes ago
Dell launches new Alienware gaming laptop in India
6 minutes ago
1 in 4 Indians came across political content that turned out to be deepfake: Report
7 minutes ago
ICEA shares blueprint for India to become a global leader in chip value chain
8 minutes ago
IPL 2024: Sometimes it works, sometimes it doesn't work, says R Sai Kishore on being held back till 19th over
11 minutes ago
PCB reconstitutes national women’s selection committee
11 minutes ago
‘Dreamt of being part of Pro Kabaddi League since season 1’: English players on PKL’s impact internationally
12 minutes ago
Endrick sparks Palmeiras comeback in Copa Libertadores
13 minutes ago
Peru, El Salvador to meet in June friendly
14 minutes ago
IPL 2024: Axar Patel’s promotion to number three was for countering R Sai Kishore, says DC coach Amre
15 minutes ago
Big B on being honoured with Mangeshkar Award: ‘Abhaar aur mera param saubhagya’