U.K.-based decentralized finance platform Euler has been hit by a flash loan attack that has led to the theft of $196 million, with the reported stolen amount still growing, SecurityWeek reports.
Such figures make the attack the largest cryptocurrency hack so far this year and the 11th largest overall, according to Comparitech Head of Data Research Rebecca Moody.
"It also takes the total lost in 2023 so far to more than $363 million with 43 attacks recorded so far. Flash loans account for 14 of these attacks and more than half of the funds stolen ($207.5 million)," Moody said.
While details surrounding the attack, which was first flagged by PeckShield, are still lacking, threat actors behind the intrusion are believed to have leveraged flash loans to borrow from the Aave and Balancer DeFi protocols.
Attackers have used Euler as a repository for the borrowed money before borrowing 10 times more than the deposited amount.
Russia-based threat actors have been blamed by Bermuda Premier David Burt for being behind significant internet outages across the British overseas territory and another government in the Caribbean, reports The Record, a news site by cybersecurity firm Recorded Future.