The Recent Euler Finance Attack: What You Need to Know

On March 28th, it was reported that at 2:21 a.m. Beijing time today, the Euler Finance attacker’s address sent 7738.05 ETHs (approximately $13.2 million) to the Euler deployer’s address. In the same block, another address related to the attacker sent the same amount to the same deployer’s account, totaling 15476.1 ETHs (approximately $26.4 million), which were returned to the Euler team. Then, at 2:40, the first wallet sent approximately 10.7 million Dais to the Euler deployer account. The total amount of these three transactions is approximately $37.1 million.

The Euler attacker returned approximately 15476 ETHs and 10.7 million Dais, totaling approximately $37.1 million

Euler Finance, a decentralized finance (DeFi) platform designed to provide users with advanced trading and investment tools, has become the latest victim of a hacking attack. On March 28th, at precisely 2:21 a.m. Beijing time, the Euler Finance attacker’s address sent 7738.05 ETHs, which equates to roughly $13.2 million, to the Euler deployer’s address. In the same block, another address was utilized to send the same amount to the deployer’s account, resulting in a total transfer of 15476.1 ETHs, which is about $26.4 million. Fortunately, the Euler team managed to return the stolen amount to its rightful owners. However, this was not the end of the attack. At 2:40 a.m. the same day, the first wallet sent approximately 10.7 million Dais to the Euler deployer account. Altogether, the three transactions totaled approximately $37.1 million.

What Happened?

In the early hours of March 28th, 2021, Euler Finance was attacked by a hacker who transferred Ether(ETH) worth over $13 million from the platform’s contract to another account. The same attacker then sent the same amount to the deployer’s address, totaling around $26.4 million, which was quickly returned to the Euler team. A few minutes later, the attacker sent 10.7 million Dais to the Euler deployer account. The Euler team managed to mitigate the situation and initiate swift action to limit the damage caused by the attack.

Who is the Euler Finance Attacker?

Currently, it is unclear who the Euler Finance attacker is, but a closer look at their activities suggests that the incident was well-planned and executed. The attacker managed to execute the transactions, thereby gaining access to the funds in the contract account. It is worth noting that the hacker did not exploit a vulnerability in the Euler Finance contract. Instead, they took advantage of an unforeseen bug in another contract that Euler Finance depended on, which allowed the attacker to steal money.

What is the Euler Finance Community Saying?

The Euler Finance community has been active since the attack, engaging in discussions around the incident and providing information about the event. While the community is working to mitigate the impact of the attack and return the stolen funds, they also hope to use the experience as a learning opportunity to prevent future occurrences. The project team has apologized to its community and has offered to repay users who suffered losses, while also reviewing its systems to prevent any future occurrences.

How Can Investors Protect Themselves in DeFi Platforms?

The decentralized nature of DeFi platforms offers some unique advantages, such as transparency, accessibility, and efficiency, but also raises the risk of theft and hacking attacks that investors need to consider. Therefore, investors should take certain measures when using DeFi platforms to safeguard their assets. For instance, they should only invest in well-established, trusted platforms and look out for warning signs such as impossibly high returns. Additionally, investors must cross-check the validity of contracts, interact only with the official version, and avoid clicking any unknown links or messages, which could compromise their accounts. Most importantly, investors must always remember to perform due diligence before investing and only invest an amount they can afford to lose.

Conclusion:

The Euler Finance attack highlights the need for constant vigilance to detect and prevent such malicious activities. While the Euler team acted rapidly to mitigate the damage, investors need to understand the risks associated with decentralized finance and ensure they adopt best practices in securing their assets; that way, the near-seamless advancements of digital finance technology can continue to be enjoyed.

FAQs

**How much money did the attacker make during the Euler Finance attack?**
The attacker sent a total of 15476.1 ETHs, which is about $26.4 million, to the Euler deployer’s address. After returning those funds to the rightful owners and subsequently sending roughly 10.7 million Dais to the Euler deployer account, the total amount of these three transactions summed up to approximately $37.1 million.
**How did the Euler Finance attacker execute their attack?**
The Euler Finance attacker did not exploit a vulnerability in the Euler Finance contract. Rather they took advantage of a bug in another contract that Euler Finance depended on, which allowed the attacker to steal a significant amount of money.
**What measures can investors take to secure their assets when using DeFi platforms?**
Investors should only invest in well-established, trustworthy platforms while looking out for warning signs such as impossibly high returns. Additionally, investors must cross-check the validity of contracts, interact only with the official version of contracts, and avoid clicking unknown links or messages that could compromise their accounts. Always perform due diligence before investing and only invest an amount they can afford to lose.