CEO of Euler Labs: The protocol underwent 10 audits in two years before being attacked

On March 17th, in a series of tweets released today, Michael Bentley, CEO of Euler Labs, described the “toughest days” of his life after Euler’s $197 million flash loan attack on March 13th. He forwarded a message shared by a user stating that Euler had 10 audits from 6 different companies, and commented that the platform “has always been a security conscious project.”. From May 2021 to September 2022, blockchain security companies such as Halborn, Solidified, ZK Labs, Certora, Sherlock, and Omnisica conducted smart contract audits on Euler Finance.

Interpretation of this information:

The CEO of Euler Labs, Michael Bentley, has taken to Twitter to voice his distress after a flash loan attack on March 13th, which cost Euler $197 million. He shared a message from a user that stated Euler had undergone 10 audits from six different companies and commented that they had always been security conscious. This implies that despite their best efforts, the platform was still vulnerable to the attack.

Bentley confirmed that from May 2021 to September 2022, numerous blockchain security companies, including Halborn, Solidified, ZK Labs, Certora, Sherlock, and Omnisica, conducted smart contract audits on Euler Finance. This suggests that the company took security seriously, but it was not enough to prevent the attack.

The message highlights the importance of thorough security audits in the blockchain industry. Despite undergoing 10 audits from reputable security companies, Euler Labs still fell victim to an attack. It also highlights the severity of cyberattacks in the blockchain space, as $197 million is no small sum.