Euler Finance, a lending protocol that allows investors to lend and borrow a variety of crypto assets, has lost approximately US$197 million in an exploit, according to online crypto security analysts on Monday.
See related article: Hong Kong’s crypto scam losses in 2022 more than double from 2021: SCMP
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“We are aware, and our team is currently working with security professionals and law enforcement,” the UK-based decentralized finance (DeFi) lending protocol said in a tweet . “We will release further information as soon as we have it,” it added.
Data from smart contract auditor BlockSec shows that the losses occurred over four transactions in dai (DAI), wrapped Bitcoin (WBTC), staked ether (sETH), and USDC.
According to analysis from crypto analytic firm MetaSleuth, the hackers were connected to a Binance Coin (BNB) exploit from January.
DeFi platforms have become a popular target for crypto hackers, who are able to take advantage of the protocol’s open-source nature to gain unauthorized access to its assets.
Over US$3 billion was stolen from DeFi protocols via hacks or exploits in 2022, a record breaking year for crypto hacking, according to American blockchain analytics firm Chainalysis .
See related article: Bitcoin ATM firm accused of profiting from crypto scams via unlicensed machines: U.S. Secret Service
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