As if the normal banking system isn’t inflicting sufficient troubles, a DeFi lending protocol referred to as Euler Finance was additionally hit by a flash-loan assault.
The injury equates to nearly $200 million value of staked ether, USDC, wrapped BTC, and DAI.
- Euler Finance is a decentralized lending protocol that was most lately exploited for a whopping $197 million in whole.
- The breakdown of the funds is as follows: $8.7 million value of the decentralized stablecoin DAI, $34 million value of USDC, $19 million WBTC (wrapped BTC), and $136 million value of staked ETH.
- The hacker was capable of borrow a big sum of money and drain them from the DeFi protocol via a so-called flash mortgage.
- The way in which flash loans work is they allow customers to take a mortgage with out collateralizing them, offered they can return the borrowed funds inside the identical block.