Blockchain security firm BlockSec has reported that Euler Finance, a prominent on-chain lending provider, has suffered a security breach resulting in the suspected theft of over $177 million. The attack is currently under investigation, and further details regarding the incident have yet to be released.
Euler Finance, which completed a $32 million financing round last year with backing from notable investors such as FTX, Coinbase, Jump, Jane Street, and Uniswap, provides lending services on the blockchain. The company’s platform allows users to borrow and lend various cryptocurrencies in a decentralized manner, without the need for intermediaries such as banks.