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Euler Finance lost over $200 million worth of cryptocurrency locked in its smart contracts. The protocol was hit by a flash loan attack that caused a cascading effect, resulting in frozen or lost funds for 11 different DeFi protocols.
Reports from each of the affected protocols on Twitter suggest that the attack caused a cumulative loss of $37.6 million in addition to Euler Finance itself.
Balancer reported on March 13 that the Euler Boosted USD (bb-e-USD) pool had been affected by the exploit, with approximately $11.9 million worth of tokens. The Balancer emergency subDAO paused the pool and put it into recovery mode, but over 65% of the pool's TVL had already been lost. A bug in the app's user interface (UI) means that liquidity providers cannot retrieve the remaining funds left in the pool, but Balancer plans to offer a new UI in the near future that will allow for withdrawal of the remaining funds. No other pools have been affected.
Angle Protocol released a preliminary report on its exposure to the attack, indicating that it may have lost over $17 million worth of $USDC stablecoin. This may have caused the agEUR stablecoin, which is pegged to the euro, to become undercollateralized. The protocol has paused all minting and redemption of agEUR, but borrowers can still repay their debts to the protocol as normal.
Idle Finance provided a detailed list of its losses due to the Euler exploit, indicating that it lost around $5.9 million worth of tokens in total. The team has paused all Best Yield vaults and Yield Tranches related to Euler to prevent further losses.
Yearn Finance, which has over $423 million in TVL, reported indirect exposure to Euler through Angle Protocol and Idle Finance, resulting in a loss of approximately $1.38 million. However, the team said that any bad debt not covered by Idle and Angle would be covered by the Yearn Treasury.
Yield Protocol is another protocol affected by the exploit, with its "mainnet liquidity pools built on Euler." The company has disabled the mainnet app, paused borrowing, and is investigating the attack. Its mainnet liquidity pools appear to have been affected, with a possible loss of "less than $1.5 million."
In addition to the protocols mentioned above, Inverse Finance, SwissBorg, Opyn, Mean, Sense, and Harvest also reported that they may have been affected by the exploit.
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