Crypto lending platform Euler Finance has become the latest company to make the news after a hack against it was detected on Monday.
The issue was flagged by PeckShield, a blockchain monitoring website and service, which fired a distress tweet and told Euler Finance that they might “want to take a look”.
Euler Finance responded quickly and scrambled to see what the unusual blockchain activity was only to find out it was short of $197m crypto.
A multitude of transactions had happened in a short time, syphoning off the funds before Euler Finance could plug the hack.
The hack is considerable, even though it ranks as the 26th hack by size in the history of crypto finance.
Euler issued a terse statement confirming that it was working on the issue. “We are aware, and our team is currently working with security professionals and law enforcement”, the company said when the attack against it began. Meanwhile, the community’s sleuths have been on the case.
The issue is as much who is behind the hack as it is about how the hack occurred. According to independent research by ZachXBT, hackers have been attacking some innate vulnerability in the Binance Smart Chain.
Meanwhile, Euler Finance’s Discord flared up with a mix of messages of anger, exasperation, and acceptance. “Maybe it’s not about the money lads, it’s about what you learn along the way”, said one investor, noting that he had lost $100,000 in the space of an hour.
Hacks on the crypto industry are not new. The main culprits according to the United Nations are North Korean hackers who are responsible for more than $1bn stolen from the industry in 2022 alone, an all-time high.
North Korea has been using these funds to bankroll its weapons program and avoid the stinging impact of Western-led sanctions.