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ID:

euler-finance-1495

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Date:

Status:

Incident Count:

March 13, 2023

Verified

1

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REKT

Contributor:

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web3rekt.com

KYC By:

KYC:

None

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50 pts

Audit By:

Audits:

None

Loss Amount:

197,000,000

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Recovered:

177,000,000

Rewards:

Ticker:

USD, DAI, WBTC, stETH, USDC

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100 pts each

Euler is a non-custodial protocol on Ethereum that allows users to lend and borrow almost any crypto asset. Euler Finance was attacked and at least $177M was taken in ~96,833 $ETH ($153M) and ~34M $DAI as well as WBTC and USDC.

According to ZachXBT, attacker also exploited some random protocols and deposits the stolen funds into Tornado Cash (https://etherscan.io/address/0xb1546454219ccf4202c91024943321e8c92f509d).
The attacker exploited vulnerable code which allowed it to create an unbacked token debt position by donating funds to the protocol’s reserves. As a result, the attacker was able to liquidate these underwater accounts and profit from the liquidation bonuses.
Stolen funds were sent to Tornado Cash thru. an intermediary address.

As of 4/3/2023, the exploiter has returned most of the funds (90%).

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