The damage amount of Euler hacker attack is about 197 million dollars
On March 13, the security company BlockSec released data on social media, saying that Euler Finance suffered about 197 million dollars in the hacker flash loan attack, including 8877507.35 DAI, 849.14 WBTC, 34413863.42 USDC and 85818.26 stETH.
Interpretation of this information:
The message states that Euler Finance, a financial organization that specializes in DeFi (decentralized finance) solutions, has recently undergone a cyberattack. The security firm, BlockSec, released information on social media, stating that Euler Finance suffered a loss of approximately 197 million dollars as a result of the attack. The data released shows that the hackers stole 8877507.35 DAI, 849.14 WBTC, 34413863.42 USDC, and 85818.26 stETH.
It is crucial to understand the types of coins stolen to comprehend the impact of the attack. DAI, USDC, and WBTC are stablecoins, meaning they are backed by a reserve asset, such as a fiat currency or precious metal, to reduce the volatility typically associated with cryptocurrencies. These coins are commonly used in decentralized exchanges (DEXs) to avoid the use of centralized exchanges that may have higher fees or other restrictions. StETH, on the other hand, is a synthetic token that represents staked Ethereum tokens. The use of stETH in DeFi has grown in popularity recently due to its high yields and the ability to avoid the high fees of conventional staking.
The attack itself was a flash loan attack, a type of exploit that allows a hacker to take out a loan from a decentralized platform without the need for collateral. The hacker then uses the instant funds to manipulate the market in a way that benefits them, such as selling coins at an inflated price. To execute a flash loan attack successfully, a hacker requires an immense amount of technical knowledge and strategy. These attacks are not uncommon in DeFi and have been on the rise as its popularity has increased.
The attack on Euler Finance has resulted in significant financial loss, which highlights the importance of cybersecurity in the DeFi industry. It also emphasizes the need for further development of secure protocols and infrastructure in the ever-evolving world of DeFi. Such attacks not only harm companies but also threaten the confidence of retail investors in DeFi products. Consequently, the entities in the DeFi sphere must work together to create safer platforms and protocols to prevent such occurrences.
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