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.
Following successful negotiations, all of the recoverable funds taken from the Euler protocol on March 13th have now been successfully returned by the exploiter.
— Euler Labs (@eulerfinance) April 3, 2023
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.
Post has no comment yet.