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Hackers Steal Around $200 Million From Crypto Lender Euler Finance

On Monday, March 13, the blockchain monitoring company PeckShield published a message on Twitter addressed to the crypto-lending platform Euler Finance, calling for attention to a series of suspicious financial transactions.

Hackers Steal Around $200 Million From Crypto Lender Euler Finance

Source: Pixabay.com

A series of transactions that were not typical from the point of view of the features of natural processes was a clear signal that the crypto-lending platform was attacked by hackers. In this case, the attackers did not need confidential data, but money. The hackers have achieved their goal. About $197 million in cryptocurrency was stolen. Crypto security firm BlockSec also reported the attack.

The amount of money stolen is huge, but everything is known in comparison, including the scale of the disaster. These material consequences of a hacker attack are the 26th largest theft in the history of similar incidents in the field of cryptocurrencies.

Euler reported as a response to the PeckShield publication that the company is aware of criminal activity and, in the context of the incident, has begun to interact with security specialists and law enforcement officials. The firm also promised to publish additional information about the hacker attack but has not yet done so.

ZachXBT, an independent researcher who investigates crypto fraud and hacking, believes that this attack was planned and does not represent the case when hackers set out to steal money regardless of where they are stored. This means that a specific platform was important to the criminals, but this circumstance does not cancel the priority of financial motivation.

In their official Discord and Telegram channels, several Euler investors expressed concern about the incident and stated that they had no understanding regarding further actions. One of the investors also said that he was confident in the reliability of the security protocol used, but this confidence greatly let him down.

As we have reported earlier, Hackers Access to Personal Data of 37M T-Mobile Сustomers.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.