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Blockchain monitoring firm PeckShield has reported that Euler Finance, a crypto lending platform, lost $197 million in cryptocurrencies to cyber-criminals in a flurry of transactions on Ethereum. Independent researcher ZachXBT believes this was almost certainly an attack by malicious hackers. Euler Finance has acknowledged the hack and is currently working with security professionals and law enforcement to determine the extent of the damage.
Crypto Token Prices Plunge After Euler Finance Hack
The cyber-attack has had a significant impact on Euler Finance's crypto token prices, which fell drastically after the news broke. The extent of the damage caused by the attack is not yet clear, but Euler Finance has promised to release further information as soon as it becomes available. Several Euler investors have taken to social media to express their disappointment and concern after the attack. One investor on Discord, who lost $1.3 million, expressed shock at the loss and stated that they never imagined the lending protocol to release updates without prior notice or audits.
Crypto Hacking on the Rise
According to blockchain analytics platform Chainalysis, 2022 was the worst year on record for crypto investors, with hackers stealing $3.8 billion in cryptocurrencies, up from $3.3 billion in 2021. DeFi protocols were the primary targets, accounting for 82.1% of all cryptocurrency stolen by hackers. Cross-chain bridge protocols specifically accounted for 64% of the $3.1 billion stolen from DeFi protocols.