EUL token down 52% after the $200 million Euler protocol exploit

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  • Hackers stole around $200 million from Euler Protocol on Monday.
  • USDC is responsible for most of the stolen coins.
  • Euler Labs is currently working to recover the funds.

The Euler protocol faces a distinct threat from crypto firm collapses, crypto lawsuits and crypto-related bank shutdowns that have plagued the crypto space in recent times.

little hat Ethereum-based decentralized finance lending protocol was hacked on Monday, leading to the loss of around $200 million worth of crypto assets.

euler flash lone attack

Blockchain security firm PeckShield tweeted on Monday to inform Euler of some investigation. messed up transaction from its platform.

Looking at Euler’s transactions on Etherscan, the hacker made off with 34.4 million USDC, 8.89 million DAI, 85,690 STETH, and 849 different cryptocurrencies, including . wbtc,

according to a do From Slomist, another blockchain security firm:

“The attacker used flashloans to deposit funds and then used double leverage to trigger the liquidation logic, donating the funds to a reserve address and conducting a self-liquidation to collect any remaining assets. “

Euler Labs, the startup behind the Euler Protocol, has however said that it has successfully blocked the exploit and that it is currently working with several firms including Chainalysis to recover the stolen funds.

Euler’s native token, EUL, down 52%

Euler, the native token of EUL, plunged by more than 52% following the revelation of the exploit.

At press time, the coin was trading at $3.08, down from a high of $6.4826 on Monday morning. And although the price of the coin has consolidated above $3, it is not certain whether the coin will be able to maintain that level considering that it fell from its attempt to recover after the decline.

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