Euler Finance, an Ethereum-based lending protocol, has been hacked in a flash loan attack resulting in the loss of approximately $200 million worth of digital assets. The attack involved six transactions in DAI, WBTC, sETH, and USDC, executed by two attackers using a multichain bridge to transfer the funds from Binance Smart Chain (BSC) to Ethereum. Euler Finance is working with security professionals and law enforcement and will provide details as soon as they have a clear picture of what happened. This marks the largest hack of 2023 so far in the crypto industry. Flash loans, which allow borrowing millions of dollars with zero collateral, are a popular way for attackers to access funds to conduct exploits on decentralized systems. The industry lost approximately $4 billion worth of digital assets to hacks, fraud, scams, and rug pulls, with hacks accounting for 95% of all crypto losses in 2022.
