Euler Finance, a Decentralized lending protocol, revealed that they lost USD 197 million in cryptocurrencies due to an attack. Hence it is one of the most significant DeFi attacks in 2023. The cyber incident occurred Monday morning in London and nearly wiped out Euler’s on-chain value, leaving only $9.7 million locked on the platform.
This massive amount of hacker’s loot of roughly USD 135 million staked Ether tokens (stETH), while the other amount stolen was wrapped in Bitcoin and stablecoins DAI and USDC. After the attack was revealed, the protocols EUL fell more than 50%.