Ethereum

Euler

April

Foundation

After an arguably arduous back and forth with the threat actors of its exploit, Euler Finance has revealed that the recoverable funds worth roughly $31 million have been returned safely.
Euler Finance, a decentralized finance (DeFi) platform for borrowing and lending cryptocurrencies, announced via Twitter that the hackers behind the roughly $200 million exploit on the protocol had returned "all of the recoverable funds." This unexpected outcome follows successful negotiations between the Euler Finance team and the exploiter.
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Following successful negotiations, all of the recoverable funds taken from the Euler protocol on March 13th have now been successfully returned by the exploiter.
&mdash; Euler Labs (@eulerfinance) April 3, 2023



According to on-chain data, the exploiter made two transactions worth 8,080 ETH and 2,500 ETH, respectively, along with $12 million in DAI stablecoin. The fiat value of these three transactions is estimated to be around $31 million.
The Euler team stated that since the hackers "did the right thing," the Euler Foundation would no longer be accepting new information leading to their arrest, with the $1 million reward no longer available.
According to CoinMarketCap data, the project's native token, $EUL, experienced a surge, rising more than 13% over the past 24 hours and trading at $3.79 at the time of writing.
Euler Finance fell victim to a flash loan exploit on March 13, which drained the protocol of $196.9 million in various cryptocurrencies. In response, Euler issued an ultimatum demanding the return of the stolen funds and announced a $1 million bounty for information leading to the identification and arrest of the hackers.
It remains unclear why the hackers chose to return the funds. They initially sent a message to an Ethereum address linked to Euler, expressing a desire to open a dialogue and stating that there was "no intention of keeping what is not ours." Between March 25 and March 28, the exploiter returned a total of 84,951 ETH worth $147.8 million and $29.9 million in DAI.
The hacker, identifying themselves as "Jacob," later apologized for the attack via blockchain public messaging, and promised that "the rest of the money will be returned ASAP."
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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Euler Finance Recovers Funds From $200m Exploit

Crypto Daily™

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