By EWN • 16 March 2023 • 11:15
According to a crypto crime record released by Chainanalysis, a blockchain analytics firm, nearly $4 billion were stolen from various protocols and services in 2022. Cross-chain bridges, a protocol that allows users to trade assets between two different blockchains, became an attractive target for cybercriminals that year.
In the crypto industry, transactions often take place digitally, which makes it more convenient for hackers to loot digital assets than traditional money. The anonymity offered by the blockchains also plays a role in increasing the rate of crypto theft. Even the biggest crypto platforms fall victim to this cybercrime. Recently, the world’s largest cryptocurrency exchange Binance reported a record-breaking 580 million Euros hack. Euler, a crypto lending platform, has become the latest victim of the cyber-heist. Hackers stole almost 197 million dollars from the platform, sending shockwaves across the crypto industry.
Euler Finance is a decentralised crypto lending platform built on the Ethereum blockchain. It is powered by a native token called EUL that acts as a governing token of the Euler Ecosystem. The Euler Finance allows the lenders to deposit their funds into a liquidity pool and provide them interest in the form of ERC-20 e-tokens which can be redeemed for their share of the underlying assets in the pool at any time. It also allows the Borrowers to take a loan from the pool and return it with interest. But the borrowers’ collateral value must be higher than the value of their liabilities to qualify for the loan. These lending and borrowing services helped the total assets in the pool to grow.
But, recently Euler Finance suffered a massive cyber attack that robbed the platform of 197 billion dollars. The loot involved multiple tokens including $8.75 million worth of DAI and $33.85 million worth of USDC, and135.8 million dollars worth of ETH.
On Tuesday, Eulers Labs, the founder of the Euler Finance, published a Twitter post confirming the cyber-attack, “We are devastated by the effect of this attack on Euler protocol users and will continue to work with our security partners, law enforcement, and the broader community to resolve this as best we can. Thank you so much for your support and encouragement.”
The incident came to light after Peckshield, a cyber security company, detected the questionable transfer of several million euros on the platform.
The attack on Euler caused its token value to drop by 44.2% within a few hours after the news came out, sending its price from $6.56 to $3.37.
Lockyourcrypto.com is a premier platform that employs high-level encryption and secure storage practices to save and protect digital assets from cyber-attacks. The platform ensures the safety and privacy of user data and funds. It also guarantees protection from security breaches and theft.
The users can create an account on the official website, and transfer their funds to the vault and choose the time frame for them to be locked up. During this time-frame the platform will not allow any transaction or withdrawals by using the fund deposited in the vault except in cases of extreme emergency.
It also helps the crypto investors who entered the market with very little control over their emotions. It avoids the chances of buying or selling too early or late through its lock-up feature.
It ensures the highest security to the fund, emotional stability to the users, and a space to store multiple cryptocurrencies in one place. Simple UX design makes the platform easy to navigate for investors with little technical knowledge. As crypto theft continues to increase in the crypto industry, it is better to have a safe place to protect your investment from hackers and cybercriminals.
For more info on Lockyourcrypto.com follow the links below:
WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost
AVISO IMPORTANTE: La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido
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