Euler Finance suffered a $200 million hacker attack, impacting multiple Decentralized Finance projects in a chain reaction.

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Decentralized Finance生态遭受重创:Euler Finance被攻击引发连锁反应

Euler Finance, as an innovative project in the Decentralized Finance field, suffered a hacker attack on March 13, resulting in a loss of approximately $200 million in funds. This incident not only affected Euler Finance itself but also had repercussions on several related DeFi projects, causing collateral losses amounting to tens of millions of dollars.

The innovation of Euler Finance lies in categorizing assets into different tiers based on their risk, with each tier having unique lending permissions. As a foundational lending protocol, its security is particularly important. This attack incident highlights the potential risks brought about by the high interconnectivity among projects in the Decentralized Finance ecosystem.

The following are some affected Decentralized Finance projects and their losses:

  1. Angle Protocol: This decentralized stablecoin project is estimated to have a loss of approximately $17.61 million. Although there is some surplus, it is still unable to fully cover the losses and may require proportional compensation for users.

  2. A certain DEX: Due to the loss of approximately $11.9 million in bbeUSD (Euler Boosted USD). Its innovative Boosted Pools feature became the main reason for this loss.

  3. Idle Finance: As a yield aggregator, it has incurred a total loss of approximately $10.99 million in the Best Yield Vault and Yield Tranches products.

  4. Yield Protocol: As a fixed-rate lending protocol, its liquidity pool is partially built on Euler, with expected losses not exceeding $1.5 million.

  5. Yearn: The yield aggregator Yearn's yvUSDT and yvUSDC products face a risk exposure of approximately $1.38 million due to the use of Idle and Angle strategies.

  6. Harvest: Similar to Yearn, its USDC, USDT, and WETH Vault are affected by the use of Idle, and the specific losses have not yet been disclosed.

  7. Inverse Finance: Its USD stablecoin DOLA experienced impaired liquidity on a certain DEX, resulting in a loss of approximately $860,000.

  8. SwissBorg: This cryptocurrency asset management platform suffered some losses in the Earn strategies for ETH and USDT, accounting for 2.27% and 29.52% of the subscribed funds, respectively.

  9. Opyn: The Zen Bull strategy of the decentralized options protocol Opyn has been affected, but the specific amount of loss has not been disclosed.

  10. Sherlock: As a DeFi security provider, has paid Euler a compensation of $3.3 million, with a total approved payout amount of $4.5 million.

  11. Sense Finance: The fixed-rate lending protocol Sense Finance has been indirectly affected by the fixed-income assets of projects like Idle.

Pandora's Box of DeFi Composability: Euler Finance Attacked, These 11 DeFi Projects Suffered Losses

This incident serves as a reminder that, despite the innovation and opportunities in the Decentralized Finance space, the associated risks cannot be overlooked. The close connections between projects may lead to a chain reaction during a crisis, affecting the stability of the entire ecosystem. Therefore, it has become increasingly important to strengthen security measures, improve risk management strategies, and establish a healthier, more sustainable DeFi ecosystem.

The Pandora's Box of DeFi Composability: Euler Finance Attacked, These 11 DeFi Projects Suffered Losses

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ValidatorVikingvip
· 6h ago
smh another protocol falls... when will they learn to battle-test their infrastructure b4 mainnet
Reply0
GasFeeCriervip
· 6h ago
Play is play, but the money is gone.
View OriginalReply0
ApeShotFirstvip
· 6h ago
Another big brother has been taken down. Who still dares to play?
View OriginalReply0
MetaverseLandladyvip
· 6h ago
Creating loopholes again, it's better for me to rent it out and have stability.
View OriginalReply0
NftBankruptcyClubvip
· 6h ago
Everything dropped to zero.
View OriginalReply0
OnChainDetectivevip
· 7h ago
traced the exploit. definitely an inside job w/ multiple wallet clusters. 88.7% confidence based on tx patterns
Reply0
GasFeeCriervip
· 7h ago
Got another one.
View OriginalReply0
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