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Euler confirmed it knew about this, replying: “We are aware and our team is currently working with security professionals and law enforcement.”

Later on Monday, Euler tweeted: “We continue to investigate this morning’s unlawful extraction of funds from the Euler protocol. The Euler Labs team has taken several immediate actions to attempt to recover the funds and identify exactly what happened, including contacting and sharing information with law enforcement, and working with independent third-party auditors and security firms.”

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Another blockchain security company, SlowMist, has deduced that the theft was carried out using what is known as a “flash loan attack.” Such attacks use sophisticated manipulation of a crypto lender’s smart contracts to borrow massive amounts of crypto without having to front any collateral.

That said, it’s unclear what law enforcement can actually do in this case or whether users will inevitably get their money back. Like a lot of other crypto heists of recent memory, victims may be up the proverbial creek without a paddle.