DeFi Lender Euler Hit By $197 Million Hack (Patreon)

Beware of up and coming DeFi. Beyond the wild west. 

And yes another one. I would not even know Euler other than that it always shows up on our Token Unlock report as a star (trust me, you don't want to be on this report) - Euler is unlocking about 75K today and 330K tomorrow. 

THE HACK:

The incident on Monday morning in London has almost wiped out Euler’s on-chain value, leaving only around $9.7 million locked on the platform, data from DeFiLlama show. Euler Finance allows users to lend and borrow large amounts of cryptoassets through an automated service that does not require human intervention. The protocol’s EUL token fell more than 50% to a low of $2.88 after the attack was disclosed, according to pricing data from CoinGecko.

BEWARE FLASH LOANS

Euler Finance offers its users so-called “flash loans,” which allow traders to borrow large amounts without posting a lot of collateral under the agreement that they’ll repay the loan almost immediately.