Hackers steal around $200 million from crypto lender Euler Finance

Image credit: Towfiqu Photography/Getty Images

On Monday, blockchain monitoring firm PeckShield sent an ominous tweet targeting crypto-lending platform Euler Fiance, just say: “Hello […] You might want to take a look.”

What the firm suggested Euler take a look at was a series of transactions that indicated there was an ongoing hack against Euler. According to PeckShield, hackers exploited Euler “in a flurry of transactions” that led to the theft of around $197 million in crypto. Crypto security firm BlockSec too reported the attack.

While this sounds like a lot of money—and it is—it’s only the 26th largest crypto theft ever, according to a site that keeps track of crypto hacks and scams.

“We are aware and our team is currently working with security personnel 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 investigating crypto scams and hacks, wrote on Twitter that his is “almost certainly” an attack by malicious hackers, given that the same people exploited “some random protocol on [Binance Smart Chain] a few weeks ago and then the funds were put into Tornado [Cash],” a popular crypto-mixing service that has been sanctioned by the US government for allegedly facilitating money laundering.

In their 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.

“Almost $1.3 million is gone. I thought they were the safest lending protocol, I never liked Michael on twitter, but I wouldn’t even imagine them releasing updates without warning or revisions.” wrote one on Discord.

“Nice at least to know how I react when I lose over $100ki in an hour. Learned a little about myself today. Maybe it’s not about the money boys, it’s about what you learn along the way,” wrote another investor Discord.

On its website, Euler says it has partnered with six “top security firms”. Apparently that wasn’t enough to stop hackers.

The price of Euler’s crypto token fell dramatically after the news of the attack.

Do you have more information about this hack or other crypto hacks? We would love to hear from you. From a non-working device, you can contact Lorenzo Franceschi-Bicchierai securely on Signal at +1 917 257 1382, or via Wickr, Telegram and Wire @lorenzofb, or email [email protected]. You can also contact TechCrunch via SecureDrop.