• Euler Finance was hacked for $197 million
• The native EUL token has crashed 48% following the news
• Euler Labs is currently working with security professionals and law enforcement to investigate
Euler Finance Experiences $197M Hack
Euler Labs has been exploited for $177 million in four transactions, according to Blockchain security firm BlockSec.The smart contract auditing firm added that two more attack transactions took the total loss to $197 million.
Impact on EUL Token
Following the news of the hack, Euler Labs‘ EUL token has plunged by roughly 48% to 3.10, according to CoinMarketCap data.
About Euler Finance
Euler Finance provides on-chain lending services and completed a $32 million funding round that included Coinbase and defunct crypto exchange FTX in 2022.
Euler confirmed that it was aware of the exploit. It added:“We are aware and our team is currently working with security professionals and law enforcement. We will release further information as soon as we have it.“
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