Hackers Stole about $200 Mln in Crypto from Euler Finance

Cybercriminals have stolen almost $200 million in cryptocurrencies from crypto lending platform Euler Finance, according to the Decrypt website. 

Crypto security firm BlockSec reported the attack, which is considered the 26th-largest crypto theft ever. 

Blockchain security company PeckShield said that Euler Finance suffered an exploit due to a flurry of transactions on Ethereum that led to the loss of $197 million from the project. 

Commenting on the incident, Euler Finance tweeted: “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.”

The crypto industry lost more than $3.94 billion in 2022, a report by Immunefi, Web3’s leading bug bounty platform, revealed. 

According to Immunefi’s Crypto Losses in 2022 Report, hacks were the main reason for these losses, accounting for 95.6%, while rug pulls, scams, and fraud represented only 4.4% of the total losses. Because of hacks, the crypto industry lost over $3.77 billion in 2022 in 134 specific incidents, according to Coin Telegraph. 

These abovementioned figures represented a 58.3% increase compared to 2021. In 2021, the crypto industry lost around $2.384 billion only due to the hacks. 

Immunefi revealed that decentralized finance (DeFi) was the most targeted sector, accounting for 80.5% in losses, compared to centralized finance (CeFi) which suffered a loss of 19.5%. In 2022, DeFi lost $3.180 billion across 155 incidents, a number that represents a 56.2% hike compared to 2021, as DeFi suffered $2.036 billion in total losses in 107 incidents. 

Regarding the affected blockchains, the report found that BNB of Binance and Ethereum blockchains were the most targeted chains in 2022, accounting for 63.3% of attacks on the chains. BNB was more affected than Ethereum with 65 incidents, representing 36.1%. while Ethereum represented 27.2% of the attacks with 49 incidents.