Flash Loan Attack on UK Crypto Firm

UK crypto firm, Euler Labs, has suffered a loss of nearly $200m in a cyber-attack. Hackers managed to exploit a vulnerability in its code which enabled them to steal various digital currencies.

An ethical hacker claimed that they had previously discovered a bug that may have enabled a threat actor to exploit Euler Finance by artificially inflating exchange rates.

The fix implemented by Euler following this discovery inadvertently created a larger vulnerability which was exploited in the subsequent attack.

After the attack, Euler’s EUL token experienced a nearly 70% decrease in value.

Following successful negotiations, the hacker later returned the funds in a series of transactions.

The return of these funds marks a rare instance of positive resolution in the crypto space, where large-scale hacks have become increasingly common.

For help and advice on securing your organisation or managing a cyber security incident contact Romano Security Consulting today.