Euler Finance lost nearly $200 million due to a breach where four transactions in DAI, WBTC, sETH, and USDC were involved. According to BlockSec, a smart contract auditor, the hacker utilized a flash loan to carry out the exploit. By using the loan, the attacker tricked the protocol temporarily, making it believe that it had a minimal amount of eToken, which is Euler's collateral token based on the deposited token. Euler also issues a debt token called dToken, which triggers an automatic on-chain liquidation when the number of dTokens surpasses the amount of eTokens stored on the platform.
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