Ethereum-based noncustodial lending protocol Euler Finance had hackers steal $197 million. In this article, we will examine the developments of this event, which is already the biggest crypto-hacking attack of 2023.
Full Update on Euler Finance Hacker Attack
The hack attack was first carried out on the night of March 13. A hacker stole DAI, USDC, stETH, and WBTC, worth a total of $197 million. The hacker transferred the stolen coins from the Binance Smart Chain to the Ethereum network using a multichain bridge. The breakdown of the stolen assets is as follows:
- $8.7 Million DAI
- $19 Million WBTC
- $34 Million USDC
- $136 Million stETH
Euler then acknowledged the hack attack and started working with security firms and law enforcement agencies. The Euler team also gave the following message to hackers:
“If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information that leads to your arrest and return of all funds.”
Hacker Sends 100 ETH
After the 1 million dollar reward for the hacker, many users went after the hacker. The first move on these developments came from the hacker. According to a tweet by a blockchain researcher Chainalysis, the Euler Finance attacker sent 100 ETH. The fact that the ETH sent was the same address used in a North Korea-related hack attack in the past years left a question mark in minds.
Hacker Takes a Step Back
After the developments, the hacker first transferred 3000 ETH to the Euler Finance account. This move by the hacker did not contain any message. Following the confusion, the hacker broke the silence on March 25, first returning 51,000 Ethereum and then another 7000 ETH.
As a result, Euler Finance recovered about $102 million of the $197 million stolen. Although the hacker has returned the funds, he still has a large amount of stolen money in his possession.
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