Angle Protocol: 17.6 million USDC funds are affected by Euler attack
On March 14, the official of the decentralized stable currency protocol, Angle Protocol, said that AngleProtocol was affected by Euler’s vulnerability exploitation, and the protocol deposited 17.6 million USDCs into Euler. The agreement has been suspended, the debt ceiling has been set to 0, and Euler AMO has been closed. The situation is being monitored and will be updated immediately after receiving the update.
Interpretation of this information:
On March 14, the Angle Protocol, a decentralized stable currency protocol, announced that it was affected by the Euler vulnerability exploitation, which led to the protocol depositing 17.6 million USD Coins (USDC) into Euler. As a result of this, the agreement has been suspended, and the debt ceiling has been set at 0, which means that no new loans or borrowings can be initiated in the system. Furthermore, Euler asset management organization (AMO) has been closed until further notice.
The Euler vulnerability is a critical flaw in the smart contract code that enables hackers to exploit the system’s flaws and steal funds. This type of vulnerability is not unique to Angle Protocol, and other platforms have been affected by it as well. However, the Angle Protocol team is taking proactive measures to mitigate the impact of the exploit and protect the system’s users.
The Angle Protocol team is monitoring the situation closely, and more updates will be provided soon. Users who have been affected by the Euler vulnerability are advised to take necessary precautions to protect their funds during this period of uncertainty.
In conclusion, the Angle Protocol’s decision to suspend the agreement and deposit funds into Euler is a proactive move aimed at protecting the system and its users. The vulnerability underscores the importance of rigorous testing and auditing of smart contracts before deployment to prevent these types of exploits. The team’s response to the situation is a testament to their commitment to ensuring the safety and security of the platform’s users.
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