In this video: in March 2023, Euler Finance, a DeFi lending protocol, was hit with a flash loan attack that resulted in the biggest crypto hack of the year, with a loss of nearly $197 million. The attack also impacted more than 11 other DeFi protocols. Euler Finance promptly disabled the vulnerable features to block deposits, but the damage was done. In this video, we take an in-depth look at the Euler Finance hack, including its root cause, the audit failures that allowed it to happen, and the fallout in the DeFi community. We also discuss the steps that DeFi protocols can take to prevent future attacks, including regular security audits and adopting best practices for smart contract development. With DeFi growing in popularity and complexity, the need for strong security and reliability is more critical than ever. Join us as we explore the lessons learned from the Euler Finance hack and what it means for the future of DeFi security.
