The decentralized lending platform was exploited in a lightning lending attack on March 13, causing it to lose $197 million worth of crypto assets.
Late on Monday, the Euler Finance hacker finally returned the outstanding sum of $31 million, ending recovery efforts.
The decentralized lending platform was exploited in a lightning lending attack on March 13, causing it to lose $197 million worth of crypto assets. And shortly after the hack, Euler Finance offered the hacker a 10% fee to return the stolen funds. The project also proposed another reward of $1 million if the hacker decides not to return the fund and threatened to use any legal means necessary to find out who was behind the attack.
Now, however, Euler’s efforts have finally paid off, as the hacker returned the last bit of the funds on Monday.
At approximately 6:55 p.m. EST on April 3, the attacker returned $31 million in three separate transactions. The latest restitution means that the total amount returned so far exceeds $177 million, representing 90% of the funds taken. Therefore, taking into account the offer of 10% of the project, the exploiter is already ready, according to the Euler Finance team. The official statement read:
“After successful negotiations, all recoverable funds taken from the Euler protocol on March 13 have now been successfully returned by the exploiter.”
The return of these funds marks a rare case of positive resolution in the DeFi space, where large-scale attacks have become increasingly common.
Euler Finance sets a precedent for other DeFi projects
Without a doubt, quick lending attacks have somehow become synonymous with the decentralized finance (DeFi) space. And for what it’s worth, it’s not exactly common to see recovery efforts reach reasonable conclusions as seen in the Euler case.
However, the way Euler has conducted himself throughout the situation is impressive. And since all the funds have been recovered, albeit unusually, it is expected that other projects will emulate Euler in the future. If nothing else, so they can achieve quick resolution of similar issues that may or may not arise in the future.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from cryptocurrency, however, Mayowa’s imagined distractions include soccer or discussions of world politics.
