The Euler Finance attack, which resulted in a loss of roughly $200 million, has concluded with the hacker returning all recoverable funds, according to an announcement from the decentralized finance (DeFi) lending protocol on Tuesday.
The development team of the project disclosed on Twitter that the hacker returned all funds following successful negotiations.
Euler Finance Recovers Stolen Funds
The hacker had stolen $8.7 million worth of DAI, $34 million worth of USDC, $19 million worth of WBTC, and $136 million worth of staked ETH in a flash loan attack on March 13. This was the biggest loss for crypto during Q1 of 2023, as reported by CryptoPotato.
Euler Finance publicly offered the hacker a deal to keep 10% of the stolen assets if they agreed to return the remaining funds within two days of the exploit. However, the hacker ignored the proposal and mixed the stolen crypto in Tornado Cash. Euler was able to recover over $104 million in ETH four days after the disclosure, and the remaining funds were returned thereafter.
Euler’s $1M Offer Canceled
Since the hacker returned the stolen funds, Euler canceled the $1 million reward campaign launched initially to recover the funds. The Euler exploiter revealed their intention to return the funds to the protocol team in response to an encrypted message from another wallet linked to Axie Infinity’s Ronin Network $625 million hack.
Because the exploiter did the right thing and returned the funds, and the $1 million reward campaign launched by the Euler Foundation will no longer be accepting new information.
Full details to follow tomorrow.
— Euler Labs (@eulerfinance) April 3, 2023
