Decentralized finance (DeFi) lending protocol Euler Finance has suffered an exploit resulting in almost $185 million being lost.
The losses occurred over four transactions in dai (DAI), wrapped bitcoin (WBTC), staked ether (sETH) and USDC, according to smart contract auditor BlockSec.
“We are aware and our team is currently working with security professionals and law enforcement,” Euler Finance said in a tweet. “We will release further information as soon as we have it.”
DeFi exploits – whereby hackers make use of the open-source nature of a platform’s code to gain unauthorized access to its assets – are one of the foremost problems plaguing the industry.
UPDATE (Mar. 13, 10:10 UTC): Adds comment from Euler Finance and information on nature of exploits and their prevalence in the DeFi industry
