Euler

Tornado

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 Federico Jaime, a 20-year-old from Argentina, has publicly claimed responsibility for the $200 million Euler Finance exploit and is now under arrest in a Paris prison. 
 The alleged hacker gave an interview from a French prison, where he is currently held for what he describes as a "small money-laundering case." The funds in question, totalling €200,000, reportedly comprise profits from an IT business he operates with his father and a portion of the cryptocurrency that Euler allegedly allowed him to keep post-exploit. Deconstructing the Heist 
 Euler Finance, a decentralized finance (DeFi) lending protocol developed by UK-based Euler Labs, suffered a significant loss on March 13. The alleged hacker, Jaime, reportedly exploited a vulnerability in the protocol's code, enabling him to redirect investor deposits into his personal wallets. Euler Labs has yet to comment on these recent developments. The company previously stated that the hacker had returned all the recoverable funds. 
 Despite his open admission of involvement, Jaime's story is not without contradictions. He maintains that the €200,000 cash he was found with on his person was a combination of legitimate earnings and a portion of the cryptocurrency spoils from the hack that Euler permitted him to retain. According to Jaime, Euler deemed these assets tainted due to their passage through Tornado Cash, a coin mixer sanctioned by the U.S. government last year. Legal Fallout 
 Although Jaime currently faces charges related to money laundering in France, his potential involvement in the $200 million exploit could lead to more serious allegations. Interestingly, Jaime is reportedly held in a minimum-security prison in Nanterre, a Parisian suburb. However, verifying this information is challenging due to France's lack of a public prisoner database. 
 In a bid to clarify his actions and possibly salvage his image, Jaime has made his intentions to help Euler regain its previous Total Value Locked (TVL) known. As of now, Euler's TVL stands at around $76,000, a substantial drop from its pre-hack value of over $300 million. The protocol has disclosed plans for a newer version (dubbed Euler V2) as well as plans for constructing a decentralized exchange called EulerSwap. 
 Regardless of his expressed remorse and willingness to help Euler recover, the ongoing legal proceedings and the severity of the accusations Jaime faces could significantly impact his future. 
 Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Alleged Hacker Behind $200m Euler Finance Exploit Arrested $EUL

Crypto Daily™

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