Euler Finance is suspected to have been attacked, and 8.89 million DAIs and 8080 WETHs were stolen

On March 13, the independent analyst CIA Office said on Twitter that according to the monitoring of the security team BlockSec, the DeFi loan agreement Euler Finance was suspected to have been attacked. At present, 8.89 million DAIs and 8080 WETHs have been stolen. The latest data on the chain shows that the attack seems to be continuing, with a total loss of more than 190 million dollars.

Interpretation of this information:

The message states that on March 13, the independent analyst CIA Office reported via Twitter that Euler Finance, a decentralized finance (DeFi) loan agreement, had been suspected to have been attacked. The security team BlockSec had been monitoring the situation and discovered that 8.89 million DAIs and 8080 WETHs had been stolen. Furthermore, the attack seems to be ongoing with the current loss exceeding 190 million dollars.

Decentralized finance refers to a financial system built on public blockchains, enabling global financial transactions without intermediaries such as banks. Users can lend or borrow cryptocurrencies via smart contracts that automatically execute transactions. Such financial agreements operate on a trustless system, meaning users can transact with each other without needing to know or trust each other.

Euler Finance is one such DeFi loan agreement which was built on the Ethereum blockchain, allowing users to lend, borrow, and leverage digital assets. Euler Finance used a protocol called yield farming that enables users to earn interest on their crypto holdings by lending out their digital assets in return for liquidity provider tokens or LPTs. The LPTs can then be staked to earn more rewards.

From the message, it is clear that Euler Finance had been suspected of a hacking attack, resulting in a significant loss of 8.89 million DAIs and 8080 WETHs. These assets were likely siphoned away by hackers who identified vulnerabilities in Euler Finance’s smart contracts. Unfortunately, the attack seems to be ongoing, with the total loss now exceeding 190 million dollars.

The situation highlights the potential risks associated with DeFi systems that lack centralized oversight and regulation. While the technology may enable a trustless financial system, it is important to note that users are still vulnerable to losses due to hacking attacks.

In summary, the message reports an ongoing hacking attack on Euler Finance, a DeFi loan agreement that resulted in a loss of 8.89 million DAIs and 8080 WETHs. The attack’s total loss now exceeds 190 million dollars, highlighting the risks involved in DeFi platforms lacking centralized regulation. The three keywords are DeFi, hacking attack, and Euler Finance.