EUL, the native token of DeFi lending protocol Euler Finance, is experiencing an impressive price rally. While the altcoin was trading at $2.70, it suddenly managed to climb up to $4.47. This shows that EUL has increased by 65.55%.
Although the altcoin pulled back a bit after this impressive rally, it retains most of its gains and is trading at $3.72 at press time. So what drives the EUL price up?
Koinfinans.com As we reported, Euler Finance is an Ethereum-based DeFi protocol that allows users to borrow and lend almost any cryptocurrency. The protocol suffered an unfortunate incident earlier this month and suffered a $200 million hack. According to the data, a serious amount of flash loan attacks took place in Eular Finance. Assets stolen as a result of this attack included $136 million worth of Lido Staked Ether (STETH), $34 million USD Coin (USDC), $19 million Wrapped Bitcoin (WBTC) and $8.7 million DAI.
Some reports that emerged after its incident suggested that this vulnerability had been open for more than eight months before it was exploited. According to the currently available data, the attacker returned over $104 million in ETH to Euler Finance (EUL) in two separate transactions. The first was held on March 25, when they sent back 51,000 ETH. In the second transaction, which took place hours later, 7,737 ETH was returned.
So far, there has been no official announcement from the altcoin team explaining this development. As expected, however, the partial recovery of stolen funds has boosted investor confidence in the protocol, adding to the current price rally of Euler’s native token, EUL.
However, such attacks still remain one of the biggest problems facing the crypto space. According to a report by The Fintech Times, a total of $8.9 billion has been lost in crypto security attacks since 2011.
You can follow the current price action here.