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Angle Protocol affected by Euler’s vulnerability exploitation

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Angle Protocol affected by Eulers vulnerability exploitation

On March 14, the official of the decentralized stable currency protocol, Angle Protocol, said that AngleProtocol was affected by Euler’s vulnerability exploitation, and the protocol deposited 17.6 million USDCs into Euler. The agreement has been suspended, the debt ceiling has been set to 0, and Euler AMO has been closed. The situation is being monitored and will be updated immediately after receiving the update.

Angle Protocol: 17.6 million USDC funds are affected by Euler attack

Analysis based on this information:


Angle Protocol officials announced on March 14 that Euler’s vulnerability exploitation had affected the decentralized stable currency protocol. The protocol had to deposit 17.6 million USDCs into Euler, and subsequently had to suspend the agreement, set the debt ceiling to 0 and close Euler AMO.

The Angle Protocol is a relatively new decentralized finance (DeFi) platform that facilitates the creation of stable coins. Decentralized finance refers to a digital, blockchain-based financial system without the need for intermediaries like banks or other traditional financial institutions. Angle Protocol aims to provide a stable currency without the downsides of a centralized system, such as inflation and corruption.

On the other hand, Euler is a smart-contract-based system designed to bring liquidity to DeFi protocols. It allows users to borrow against their collateral on one protocol to trade virtually on the collateral of another. In the past, several DeFi platforms have been affected by vulnerabilities like this, and it highlights the risks in designing an open-source protocol that’s open to interpretation and prone to hacking.

The deposit of 17.6 million USDCs (a dollar-backed stablecoin) means that the assets were compromised and are now locked away in Euler. The protocol has to resolve the attack on Euler to restore access to their assets. As a result, the agreement has been suspended for further notice until the situation is resolved. The debt ceiling has been set to zero, indicating that there is currently no borrowing capacity in place.

Angle Protocol officials have reassured users that they are closely monitoring the situation and will update them as soon as new information is available. As a general rule in the DeFi industry, protocols are often at risk for such attacks, and it is up to the development team to work quickly and robustly in such situations.

In conclusion, the breach in Angle Protocol’s system caused a significant deposit of assets into Euler, causing the platform’s agreement to suspend and the debt ceiling to set at 0. The announcement brings the DeFi networks’ potential risk; that is, any vulnerability in their smart-contract system can turn their cryptocurrency assets into locked finance. The Angle Protocol team needs to solve the issue urgently to regain access to their assets and resume operations.

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