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Euler Finance hacker returns major portion of stolen funds to protocol

Hacker Returns Major Portion of Stolen Funds To Euler Finance

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TL;DR

  • The hacker behind the $200 million exploit of Euler Finance earlier this month returned a majority of the stolen funds to the protocol.
  • The transaction was recorded on blockchain explorer Etherscan, with over 51,000 ether (valued at nearly $90 million) sent back to the Euler deployer contract early today.

Today, the hacker behind the $200 million exploit of Euler Finance earlier this month returned a majority of the stolen funds to the protocol. The development was well received by traders, driving EUL tokens up 25% in 24 hours. The transaction was recorded on blockchain explorer Etherscan, with over 51,000 ether (valued at nearly $90 million) sent back to the Euler deployer contract early today.

However, further analysis of the blockchain data revealed that the perpetrator had made several other transactions sending tens of millions of DAI stablecoins to another wallet.

Last week, Euler issued a $1 million bounty to the hacker responsible for stealing nearly $200 million in dai (DAI), wrapped bitcoin (wBTC), staked ether (sETH), and USD coin (USDC) from its lending protocol. Developers requested that 90% of the stolen funds be returned at the time of the bounty offer.

The attacker took advantage of a flash loan to carry out the attack, manipulating the protocol into falsely believing it was in possession of different amounts of eToken and dToken.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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