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CEO of Euler Labs shares Insights Following $197 Million Hack

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CEO of Euler Labs shares Insights Following $197 Million Hack

On March 17th, in a series of tweets released today, Michael Bentley, CEO of Euler Labs, described the “toughest days” of his life after Euler’s $197 million flash loan attack on March 13th. He forwarded a message shared by a user stating that Euler had 10 audits from 6 different companies, and commented that the platform “has always been a security conscious project.”. From May 2021 to September 2022, blockchain security companies such as Halborn, Solidified, ZK Labs, Certora, Sherlock, and Omnisica conducted smart contract audits on Euler Finance.

CEO of Euler Labs: The protocol underwent 10 audits in two years before being attacked

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The CEO of Euler Labs, Michael Bentley, has shared his thoughts on the recent flash loan attack that resulted in the loss of $197 Million. In a series of tweets released on March 17th, Bentley described the aftermath of the attack as the “toughest days” of his life.

Euler Labs is a platform that offers financial products and services using blockchain technology. The platform is focused on providing decentralized finance (DeFi) solutions to its users.

Bentley forwarded a tweet from a user that stated that Euler had undergone 10 audits from six different companies. The CEO commented that the platform “has always been a security-conscious project.” It is apparent that Euler Labs has taken precautions to ensure its platform is secure.

From May 2021 to September 2022, six blockchain security companies, including Halborn, Solidified, ZK Labs, Certora, Sherlock, and Omnisica, conducted smart contract audits on Euler Finance. The audits were designed to assess the security of the platform and identify any vulnerabilities that could be exploited by hackers.

The fact that Euler Labs underwent numerous audits shows that the company was proactive in ensuring the security of its platform. However, the recent hack demonstrates that even the most secure platforms are still vulnerable to cyber-attacks. The fact that Euler Labs has chosen to be transparent about the attack is also commendable, as it helps build trust with its users.

In conclusion, the recent flash loan attack on Euler Labs highlights the importance of security in the DeFi space. Even the most secure platforms are still vulnerable to attack, and constant vigilance is essential to ensure the safety of user funds. Euler Labs’ decision to undergo multiple audits demonstrates its commitment to security, and the company’s transparency following the attack is a positive step in maintaining the trust of its users.

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