Euler Finance, an Ethereum-based lending protocol, suffered a $196 million flash loan attack on March 13 despite undergoing ten separate audits from six different blockchain security firms over a two-year period.

The audits were carried out from May 2021 to September 2022 and deemed the platform to be “nothing higher than low risk” and having “no outstanding issues.”

Euler Labs CEO, Michael Bentley, tweeted on March 17 about the “hardest days” of his life after the attack and expressed his gratitude to security experts who are “working on leads” for the investigation.

In a December 2022 summary, blockchain security firm Halborn found Euler Finance to have an “overall satisfactory result” and “nothing higher than low risk.”

However, the protocol’s hacker started moving funds through crypto mixer Tornado Cash on March 16, hours after Euler launched a $1 million bounty for information leading to the hacker’s arrest.