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Euler Finance attack: How it happened, and what can be learned

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2 years ago

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The March 13 flash loan attack against Euler Finance resulted in over $195 million in losses. It caused a contagion to spread through multiple decentralized finance (DeFi) protocols, and at least 11 protocols other than Euler suffered losses due to the attack.

Over the next 23 days, and to the great relief of many Euler users, the attacker returned all of the exploited funds.

eTokens are assets, while dTokens are debts

Users liquidated if health scores drop to 1 or below

addresses used by the hacker. Source: Etherscan
Liquidation event emitted during the Euler attack. Source: Ethereum blockchain data
Losses from Euler attack. Source: Blocksec
Euler’s RequestDonate event being emitted during the attack. Source: Ethereum blockchain data
Euler eToken contract transfer function. Source: GitHub

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