Euler Finance, a DeFi lending protocol, has lost USD 196.9 million due to a flash loan attack over four transactions in dai (DAI), wrapped bitcoin ( WBTC ), staked ether (sETH), and USDC.

Attackers reportedly used an exploit to trick the protocol into assuming it owed more to depositors than it held.

Analyst Quicktake: This news adds to the long list of DeFi hacks and exploits that have taken place over the course of the last year (with October 2022 being one of the worst months ever for crypto-related theft according to Chainalysis). This list includes both small-scale projects such as Team Finance ( USD 14 million ) and Moola Markets ( USD 9 million ), along with major exchanges such as Binance and Mango Markets , which lost USD 100 million each.