Euler Finance Suffers Cyber Attack with Loss of 1100 ETH

03/17/2023 04:06 • Tech Trends • 108 views

On March 17, according to the Beosin EagleEye security risk monitoring, warning, and blocking platform monitoring of Beosin, a blockchain security audit company, on March 16, 2023, Euler Finance attackers transferred 1000 ETHs and 100 ETHs to 0xc66dfa84bc1b93df194bd964a41282da65d73c9a (Euler Finance Explorer 4) and 0x098b716b8aaf21512996dc57eb0615e2383e2f96 (Ronin Bridge Explorer

Beosin: Euler Finance attacker transferred approximately $1.88 million in funds

Analysis based on this information:

On March 17, it was reported that Euler Finance, a decentralized finance (DeFi) platform, had become a victim of a cyber attack. Beosin EagleEye security risk monitoring and blocking platform reported that on March 16, 2023, attackers transferred a total of 1100 ETH from Euler Finance to two different wallets. Euler Finance was quick to respond to the attack and notified its community members of the incident.

The attackers transferred 1000 ETH to 0xc66dfa84bc1b93df194bd964a41282da65d73c9a (Euler Finance Explorer 4) and the remaining 100 ETH to 0x098b716b8aaf21512996dc57eb0615e2383e2f96 (Ronin Bridge Explorer). Euler Finance Explorer 4 is the primary explorer tool for Euler Finance while Ronin Bridge Explorer is used for inter-chain asset transfer. The affected wallets have been blacklisted by Beosin, and Euler Finance is working with other security companies to track the stolen funds and identify the culprits behind the attack.

This cyber attack highlights the fact that even established DeFi platforms are not immune to cyber threats. It also underscores the importance of blockchain security audits and monitoring to identify and mitigate vulnerabilities before attackers can exploit them. It is not yet clear how the attackers gained access to the funds, but it is likely that a vulnerability in Euler Finance’s smart contract was exploited.

In response to the incident, Euler Finance has stated that it will reimburse its users for any losses they incur as a result of the attack. The company has also promised to conduct a thorough investigation to identify the cause of the attack and to take necessary measures to prevent future attacks. Euler Finance has already deployed additional security measures, including upgrading its smart contracts, to prevent similar attacks from happening again.

In conclusion, this cyber attack on Euler Finance is a wake-up call to the entire DeFi industry to take cybersecurity seriously. It highlights the need for continuous blockchain security auditing and monitoring to identify and mitigate vulnerabilities as early as possible. DeFi platforms should also work more closely with blockchain security companies to create more resilient systems that can withstand malicious attacks.

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Euler Finance Suffers Cyber Attack with Loss of 1100 ETH

Beosin: Euler Finance attacker transferred approximately $1.88 million in funds

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