Euler Finance DeFi protocol’s hacker returns all funds to the project

The protocol’s representatives promised to provide full information on the incident on April 5

04.04.2023 - 11:20

814

3 min

What’s new? On April 4, the Euler Finance team reported that, after successful negotiations, the hacker returned all funds withdrawn from DeFi protocol on March 13. As such, the $1 million bounty campaign launched by the Euler Foundation will no longer accept new information about the hack. Representatives of Euler promised to provide full details on the incident on April 5.

Following successful negotiations, all of the recoverable funds taken from the Euler protocol on March 13th have now been successfully returned by the exploiter. — Euler Labs (@eulerfinance) April 3, 2023

Euler Finance is a non-custodial protocol for lending and borrowing cryptocurrencies on the Ethereum blockchain. As of April 4, the project’s total value locked (TVL) is $10,1, according to DefiLlama.

Euler hack. The attacker used code that allowed him to create an unsecured debt position on tokens for a donation to the protocol reserves and then liquidate the account, profiting from liquidation bonuses. The amount of the hack has been estimated by various experts to range from $175 million to $200 million. The Euler Finance team involved the US and UK authorities in investigating the incident.

France arrests suspects in Platypus DeFi protocol hack

During the investigation, €210 000 in cryptocurrencies were seized

Read further

On March 17, Lookonchain recorded the interaction between the Euler hackers’ addresses and the Ronin sidechain. The attack on Ronin became a record by the amount of damage in 2022, the US authorities attributing it to the North Korean group Lazarus.

On March 20 Euler’s hacker contacted the project and said he was ready to return all funds, and on the 28th he apologized for his actions and said he would return the assets as soon as possible.

On March 28, the SafeMoon exchange exploit resulted in a loss of $8,9 million. The hackers also later offered to set up a secure communication channel to negotiate a refund.

Author: