Home » Technology » Euler Finance hacked despite 10 audits in 2 years, says CEO

In three years, ten separate audits of the loan contract Euler Finance with Taifang as the core found that it was "relatively low-risk" and that it was "not difficult to solve the problem" before it was attacked by $196 million.

In a series of tweets on March 17th, Michael Bentley, CEO of Euler Lab, described the hardest days of his life after the March 13 siege of Euler's $196 million lightning loan.

He shared information shared by one user, saying that Euler had 10 audits from six different companies and commented that the site "has always been a security project".

From May 2021 to September 2022, blockchain security companies including Halborn, Solid, ZK Labs, Certora, Sherlock and Omnisica conducted intelligent contract audits on Euler's financial industry.

Based on the consideration of the "probability of safety accidents" and the likely impact, Halborne ranks the risk assessment, ranging from extremely low, informative to urgent. Euler got "low risk" in exchange.

In the introduction of Harburn Audit in December 2022, it saw a "generally satisfactory conclusion".

According to the introduction, Halborn conducted a "regular inspection and analysis" of 23 smart contracts in a month, in which he saw only "two low-risk and three informational" risks.

Euler indicated that Harburn's insurance coverage had been reviewed and concluded that the risk was "not easy to constitute an important threat".

Blockchain security enterprise Omnisica overcomes some of the "inappropriate cases" in the most basic switch completion of Euler and how the interchange is "solved by the code base". However, the report said that Euler had already "properly dealt with" all kinds of problems and did not leave "difficult problems".

On March 16th, the agreement's hack gradually transferred funds according to the login password switch valve Tornado Cash, just hours after Euler offered a $1 million reward for information that led to the arrest of cyber hackers.

In a recent tweet, Bentley made it clear that he would never "tolerate marauders" because of the attack, he was forced to "heroically sacrifice the time he spent with his newborn child". But he is grateful to the security experts who are "looking for clues" for the research.

Just 24 hours before the reward, Euler issued a warning that if 90 per cent of the money was not repaid within 24 hours, Euler would offer a reward "resulting in his arrest and return of all his assets".

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