Euler Finance suffers a lightning credit attack

Euler Finance suffers a lightning credit attack

As if the traditional banking system does not cause enough problems, a defi credit protocol called Euler Finance was also hit by a lightning loan.

The damage amounts to almost $ 200 million of Staking ether, USDC, Wrapped BTC and DAI.

• Euler Finance is a decentralized loan protocol that was last introduced for A total of $ 197 million.
• The division of the funds is as follows: $ 8.7 million for the decentralized StableCoin Dai, $ 34 million for USDC, $ 19 million for WBTC (packaged BTC) and $ 136 million for stubborn ETH.
• The hacker was able to borrow a large amount of money and deduct it from the defi protocol with a so-called flash loan.
• flash loan work so that you enable users to take out a loan without securing it, provided you can return the borrowed funds within the same block.