Hackers steal £162m in attack on crypto lender

Hundreds of millions in cryptocurrencies have been stolen from decentralised lender Euler Finance following a cyber attack.

About $197m (£162m) was drained from the crypto lender following a flash loan attack yesterday, according to security firms Blocksec and Peckshield. A flash loan attack involves large sums of money being borrowed with no collateral, which attackers then use to manipulate the price of a crypto asset on one exchange before quickly selling it on another.

The platform was developed by Euler Labs, a British start-up which said on Twitter: “Our number one priority is recovering funds for Euler protocol users and we are working as hard as we can to make that happen.”