Crypto Loan Platform Euler Finance Experiences Hacker Attack, Losses Estimated At IDR 3 Trillion

Euler Finance was hit by hacker attacks, up to a loss of IDR 3 trillion. (photo: twitter @eulerfinance)

JAKARTA - On Monday, March 13, blockchain monitoring company PeckShield sent a frightening tweet to crypto lending platform Euler Finance, saying only: "Hey [...] maybe you should take a look."

What PeckShield wanted to tell Euler was a series of transactions indicating an attack on Euler. According to PeckShield, hackers exploited Euler "in a series of transactions" that resulted in the theft of around $197 million in crypto. Crypto security firm BlockSec also reported the attack.

1/ @eulerfinance was exploited in a flurry of txs on Ethereum (one hack tx: https://t.co/L7ddZhHNq5), leading to the lost of ~$197m from the project.

— PeckShield Inc. (@peckshield) March 13, 2023

While this sounds like a huge amount of money - and it is - it is only the 26th largest crypto theft in history, according to a website that tracks crypto thefts and scams.

"We are aware and our team is working with security and law enforcement professionals," Euler wrote in response to the tweet. "We will release more information as soon as we get it."

Euler did not immediately respond to TechCrunch's request for comment.

ZachXBT, an independent researcher who investigates crypto scams and attacks, wrote on Twitter that this attack was "almost certainly" carried out by malicious hackers, considering that the same person exploited "some random protocol on [Binance Smart Chain] a few weeks ago and then funds were deposited." to Tornado [Cash],” a popular crypto mixing service that has been sanctioned by the US government for allegedly facilitating money laundering.

On Euler's official Discord and Telegram channels, some of Euler's investors are complaining about what happened and wondering what they should do next, and if there is any hope.

"Nearly 1.3 million USD lost. I think they are the safest lending protocol, I never liked Michael on Twitter but I wouldn't even imagine them releasing an update without prior notice or audit," wrote one user on Discord, quoted by TechCrunch.

"Nice to at least know how I reacted when I lost over $100k in an hour. Learned a little about myself today. Maybe it's not about the money, friends, but about what you learn along the way," wrote other investors in Discord.

On its website, Euler says it has partnered with six top security companies. Obviously, that's not enough to stop the hackers. The price of Euler's crypto token plummeted after the news of the attack.