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Euler Finally Admits They Spent $4 Million on Security Audits and Still Got Hacked Out of Almost Every Penny You Sent Them, Because That’s Just a Thing Some Companies Do Now

News 1 Linda Williams August 13, 2024

An illustration of a shield with multiple layers and cracks repaired, surrounded by various security-related icons such as locks, keys, firewalls, etc., in front of a dark background representing vulnerabilities; at the top left corner is an image of a vault door opening to reveal a bright interior. In the bottom right corner are two figures standing back-to-back looking outwards with their arms crossed and confident expressions on their faces. The overall atmosphere conveys protection, vigilance, and preparedness for potential threats.

Let’s get this over with already! Crypto lending platform Euler Finance finally got around to announcing that they spent a whopping FOUR MILLION DOLLARS on security audits after their $195 million flash loan heist in March ’23. I mean, who doesn’t love throwing money at problems? And what did all those fancy-pants auditors find? TWO CRITICAL SEVERITY AND FIVE HIGH-SEVERITY VULNERABILITIES! Wow, that’s just peachy.

But wait, it gets better! Euler then held a $1.25 million bug bounty contest and… *dramatic pause* …nobody found any critical or high-severity flaws! I mean, what could possibly go wrong with throwing more money at the problem? And hey, they did find some low-severity vulnerabilities for which participants got awarded a total of $200,000. That’s like 0.02% of the original amount stolen.

So there you have it folks: Euler Finance spent four million dollars on security audits and bug bounties to shore up their platform after getting hacked out of nearly two hundred million bucks… only to find that they still had some vulnerabilities! Wow, what a great investment!

And just think about all those poor souls who invested in this dumpster fire thinking it was going to be the next big thing. Stay tuned for more!

Source: cointelegraph

Euler announces 29 audit reports after $4M spent to shore up security
https://cointelegraph.com/news/euler-announces-29-audit-reports-shore-up-security
Crypto lending platform Euler Finance has announced the results of 29 audit reports from 12 different cybersecurity firms regarding its “v2” relaunch. According to the announcement, the reports show that all security issues were resolved. The protocol also held a public $1.25 million post-audit bug bounty that resulted in no medium or higher severity issues being found. In total, more than $4 million was spent to shore up Euler’s security […]

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About the author

Linda Williams

Linda’s venture into cryptocurrency ended in a gut-wrenching disaster when she lost her private keys due to a ridiculous mishap involving coffee and a particularly reckless cat. With her funds locked away forever, Linda now pours her frustration into writing biting critiques of crypto’s absurdities, dripping with sarcasm. Her tagline? “I lost my private keys and my sanity. Crypto promised freedom, but all it gave me was a lifetime of regret.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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