Trending
Crypto
  • BTC
    27365.73 2.15%
  • EUROC
    1.08 -0.15%
  • ETH
    1859.58 2.38%
  • SOL
    19.9 2.36%
  • ADA
    0.37 1.09%
  • AVAX
    14.85 1.09%
  • DOT
    5.4 1.77%
  • LTC
    92.43 1.8%
  • BCH
    116.46 1.4%
  • CRO
    0.06 0.65%
  • MATIC
    0.88 1.7%
  • LINK
    6.58 0.7%
  • XLM
    0.09 0.58%
  • UNI
    5.14 1.28%
  • SHIB
    0 1.02%

Hacker returns $200 million after stealing it from Euler Finance

The hack of Euler Finance almost killed the project, but the hacker decided to return funds, resulting in a happy ending.

Surprisingly, the attacker responsible for the almost $200 million crypto hack on Euler Finance has returned the stolen assets to the protocols. He even apologized through a sequence of transactions on the blockchain.

How it began

On March 13th, an unknown hacker breached Euler Finance and made several withdrawals totaling millions of dollars worth of tokens, including DAI, USDC, Wrapped Bitcoin (WBTC), and staked Ethereum (SETH). 

Also read: Bitcoin outperforms all assets in Q1 – 1st strong quarter since 2021

The hack caused its native token, Euler (EUL), to drop by a staggering 50% in only one day. The token followed in its downfall to approximately $1.68, where it found its bottom. EUL was able to recover very well, which is rare, as most hacked tokens never truly recover. 

Euler token chart, source: coinmarketcap.com

However, as a result of the hack, Euler’s total value locked inside its smart contracts has dropped from over $300 million to just a few million dollars. Euler made an effort to negotiate a bounty with the hacker by contacting them. 

Read more: Bloomberg joins the AI race: Welcome BloombergGPT

On March 15th, the hacker was given an ultimatum to return the stolen funds, or else a $1 million reward would be announced for information leading to the hacker’s arrest.

How it ended

Within 22 days following the attack, Euler Financial had persuaded its hacker to restore the stolen money. After much back and forth, the hacker decided to do what he believed to be the right decision – return the stolen funds.

This is an unusual case as hackers never really return what they make by stealing. This appears to be one of the few in a million. Billions of dollars are lost due to hacks each year in crypto. This is one hell of a hack to remember. 

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...

Comments

Post has no comment yet.

Want add your comment? Sign up or Sign in