Hackers steal about $200 million from cryptocurrency lender Euler Finance
On Monday, PeckShield, a company that oversees the blockchain, sent an ominous tweet directed at crypto lending platform Euler Finance, saying simply: “Hi […] you might want to take a look.
What the company suggested Euler watch was a series of transactions that indicated an ongoing hack against Euler was underway. According to PeckShield, hackers exploited Euler “in a flurry of transactions,” leading to the theft of approximately $197 million in cryptocurrency. Crypto security company BlockSec also reported the attack.
While this sounds like a lot of money – and it is – it’s only the 26th biggest crypto theft ever, according to a website that tracks crypto hacks and scams.
“We are aware and our team is currently working with security professionals and law enforcement,” Euler wrote in response to the tweet. “We will release more information as soon as we have it.”
Euler did not immediately respond to a request for comment.
ZachXBT, an independent researcher who investigates crypto scams and hacks, wrote on Twitter that his attack is “almost certainly” an attack by malicious hackers, given that the same people were abusing “an arbitrary protocol on [Binance Smart Chain] a few weeks ago and then the money was deposited into Tornado [Cash]”, a popular crypto mixing service approved by the US government for allegedly facilitating money laundering.
In the official Discord and Telegram channels, several Euler investors are complaining about what happened and wondering what to do next and if there is any hope.
“Nearly $1.3 million disappeared. I thought they were the safest lending protocol, I never liked Michael on Twitter, but I can’t even imagine them releasing updates without prior notice or audits,” one person wrote on Discord.
“Nice to at least know how I react if I lose more than $100,000 in an hour. Learned a little about myself today. Maybe it’s not about the money guys, it’s about what you learn along the way,” another investor wrote on Discord.
On its website, Euler says it partners with six “top security companies.” That was clearly not enough to stop hackers.
The price of Euler’s crypto token dropped dramatically after news of the attack.
Do you have more information about this hack or other crypto hacks? We’d love to hear from you. From a non-work device, you can securely contact Lorenzo Franceschi-Bicchierai on Signal at +1 917 257 1382, or via Wickr, Telegram and Wire @lorenzofb, or email email@example.com. You can also contact CoinTech via SecureDrop.