Euler Finance Attacker Returns over $37M Worth of Crypto

The hacker who drained the Euler Finance protocol of nearly $200 million in crypto has now returned around $138 million.

On-chain data shows that the Euler Finance hacker returned another $37.1 million in crypto to the Euler Finance protocol on March 27th.

The funds were sent in three transactions. The first two were for $13.2 million and $26.4 million worth of Ether (ETH). Later on, the wallet address used for the first transaction sent another $10.7 million worth of Dai (DAI) to the Euler Finance protocol team.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

The transactions come shortly after the hacker sent around $101 million worth of ETH to the Euler protocol deployer account on March 25th. Thus far, the hacker has sent back over $138 million worth of the stolen crypto.

Euler Finance protocol suffered a devastating attack on March 13th that led to the loss of over $195 million worth of crypto. The attack caused around 11 other Ethereum-based DeFi protocols to suffer indirect losses due to their dependence on the Euler protocol in some way.

According to a report by Slowmist, the attacker exploited a defective function that allowed them to donate lent DAI to a reserve fund. The attacker drove their account into insolvency with the donation. They then liquidate the original account at a huge discount using another account. The attacker was thus able to siphon funds.

Shortly after the attack was revealed, the price of EUL, the native token of the Euler protocol, tanked. It has since regained some of its resources following the return of the funds. At the time of writing, EUL retails for $3.88, recording a 4.16% increase.

It is unclear if the hacker plans to return all the stolen crypto or keep the $20 million offered to them by Euler Finance for returning the funds.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree

#Euler #Finance #Attacker #Returns #37M #Worth #Crypto