Euler Finance Hacker Returns More Than Half Of The Stolen Money

Mar 26, 2023

온라인 슬롯 사이트

The hacker might feel guilty about stealing almost $200 million from Euler Finance.

Massive DeFi Exploit

The hacker had taken almost $200 million from Euler Finance earlier this month. They used a flash loan to trick the DeFi lending protocol and steal Dai, wrapped Bitcoin, staked Ether, and USDC. Euler Finance offered the hacker $20 million to return the funds, but the hacker rejected the offer. On March 20, the hacker said they wanted to make a deal with Euler Finance. However, it seems that they could not come to an agreement as the discussion never came to a conclusion. Euler offered a $1 million reward for information about the hacker when talks failed.

Today the Euler Foundation is launching a $1M reward in the hope that this provides additional incentive for information that leads to the Euler protocol attacker’s arrest and the return of all funds extracted by the attacker.

— Euler Labs (@eulerfinance)

Returning The Stolen Money

After the talks failed the stolen money was moved through TornadoCash. According to some reports the hacker might be part of the Lazarus Group. Knowing this there was little to no hope for Euler to ever get their money back.
However, the hacker later returned some funds to an Euler user who complained on Twitter.

On March 25, the hacker also to Euler Finance. First 51,000 ETHs and a few hours later another 7,737 ETH. This made the value of EUL, Euler’s token, go up by 35% in 24 hours.

Security Issue

Euler Finance was extremely lucky that the hacker behind the biggest DeFi exploit in 2023 has returned most of the stolen money. During the investigation following the breach several things came to light. It became clear that this security weakness had been known for eight months before the attack.

Euler Labs works with various security groups to perform audits of the Euler Finance protocol.

While the vulnerable code was reviewed and approved during an outside audit, the vulnerability was not discovered as part of the audit.

The vulnerability remained on-chain for eight…

— Euler Labs (@eulerfinance)

Target For Hackers

Since 2021, DeFi protocols have grown a lot, but they have also become targets for hackers. In 2022, more than $3 billion was lost in DeFi hacks. In February 2023, seven protocols were attacked, with $21 million stolen.

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