Defi platform Euler Finance has fallen victim to a hacker attack that resulted in the loss of about $200 million worth cryptocurrency. Blocksec reported this on the Metasleuth project’s Twitter page. The company stated that the stolen crypto assets amounted to $177.6 million, which included DAI, WBTC, Steth, and USDC. However, the stolen amount later increased to $197 million.
Euler Labs, the developers of the Ethereum blockchain-based Defi platform, have launched an investigation into the matter, along with security experts and law enforcement agencies. They have promised to share more information about the hacking with the public as soon as possible.
Known for its cryptocurrency lending services, Euler Finance raised $32 million in funding from FTX, Coinbase, Jump Crypto, Jane Street, and Uniswap last year. Following the attack, the value of Euler (EUL) tokens plummeted by 46%, with its market capitalization dropping from $98 million to $52 million. The theft of assets from the Euler Finance protocol marks the largest known cryptocurrency hack this year.