GM, this is The Crypto Xplorer, where the adventures never stop and the coins never sleep!

So hold on tight to your wallets, because things are about to get a little wild and wacky.

Here's what we got for you today:

• The largest crypto hack of 2023

• Defi Community Rebels Against EU Parliament's Data Act - Here's Why

The Largest Crypto Hack of 2023

On March 13, Euler Finance, an Ethereum-based noncustodial lending protocol, faced a flash loan attack in which the attacker stole millions of Dai, USDC, StETH, and WBTC.

The attacker made off with almost $196 million, which is a pretty decent haul.

How did they do it?

According to the blockchain security firm, Slowmist, the hacker used flash loans to deposit funds and leveraged them twice to trigger liquidation.

The hacker then donated the funds to the reserved address and conducted a self-liquidation to collect the remaining assets.

The stolen funds are currently sitting in the following hacker addresses:

• 0xebc29199c817dc47ba12e3f86102564d640cbf99 (Contract) - 8,877,507.34 DAI

• 0xb2698c2d99ad2c302a95a8db26b08d17a77cedd4 - 8,080.97 ETH

• 0xb66cd966670d962c227b3eaba30a872dbfb995db - 88,752.69 ETH & 34,186,225.91 DAI

Euler Finance is currently trying to cut a deal with the exploiter, demanding the hacker returns 90% of the stolen funds within 24 hours or face legal consequences.

If accepted, the hacker gets to walk away with $19.6 million if he takes the deal (what do you think, will he accept the deal? hit reply and let me know.)

I hope Euler Finance can recover from this setback and beef up its security.

Defi Community Rebels Against EU Parliament's Data Act - Here's Why

The European Parliament has voted to pass the Data Act, (a legislative proposal that will challenge the immutability of smart contracts), and boy oh boy, the DeFi folks are not happy!

The bill requires smart contracts to be designed in such a way that enables:

• The protection of the confidentiality of trade secrets,

• and enables them(smart contracts) to be reset or stopped if necessary.

It's like they're saying: "Hey, you know that whole unbreakable, unstoppable thing you've got going on in crypto? Let's just throw a wrench in that real quick."

And of course, the DeFi community is up in arms about it. 

They're like, "Hey, what about the immutability of smart contracts? You can't just go around resetting things willy-nilly, that's not how we roll!" 😡

But let's be honest, compliance is always difficult, whether it's with a new law or with your mom's demand that you clean your room. However, adding a kill switch to smart contracts? That's like putting a self-destruct button on a spaceship - it's just asking for trouble.

In the end, I guess we'll just have to wait and see what the EU Council and Commission come up with in their trilogues.

Fingers crossed! 🤞

That's all we have for today. See you on Twitter if you're there: @danielakpobare

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.