You are currently viewing DeFi sees its biggest hack in 2023 as Euler loses $197M: Finance Redefined

Newsletter decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.

The DeFi ecosystem was once again an exploiter’s paradise this past week as lending protocol Euler Finance fell victim to a flash loan attack resulting in a net loss of over $196 million — the biggest hack of 2023 so far.

Apart from the Euler Finance saga, USD Coin (USDC) depegging was the most significant event dominating last week’s headlines. Due to the collapse of Silicon Valley Bank, investors loaded their bags with USDC, along with an exodus of funds from centralized exchanges (CEXs) and decentralized exchanges (DEXs).

MakerDAO introduced an emergency proposal to increase its holdings of United States Treasury bonds by 150%, aiming to diversify its Dai (DAI) stablecoins’ collateral exposure.

MetaMask introduced new features with enhanced control to avoid privacy concerns. The new features allow users to manage which servers can

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