Loading...

Euler Finance new plan to compensate users revealed

euler

Most read

Loading Most Ready posts..
Share link:

TL;DR

  • Euler Finance will shortly invite its community to vote on how to disperse recovered assets to customers.
  • The platform announced that it had recovered all “recoverable funds” that had been lost in the attack.

The decentralized finance (DeFi) lending platform Euler Finance, which had a $200 million hack in March, will shortly invite its community to vote on how to disperse recovered assets to customers.

The plan, which was developed five days ago, promises to enable Euler users to quickly redeem their wealth. This has reportedly been “selected as the best strategy” by the Euler Foundation, Euler Labs, and outside consultants, according to the suggestion made by co-founder Doug Hoyte.

The aftermath may even be more surprising than the attack itself. This week, Euler Finance announced that it had recovered all “recoverable funds” that had been lost in the attack. In addition, the attacker publicly apologized. 

Euler recovered funds

The recovered funds total more than 95,556 ether (ETH) and 43 million of the DAI stablecoin, according to the proposal in the platform’s governance forum. Almost 51,000 ether, worth close to $90 million, were transferred back to the platform’s deployer contract, according to the blockchain explorer Etherscan.

Further examination of the blockchain data, however, showed that the perpetrator had carried out numerous further transactions, sending tens of millions of DAI stablecoins to different wallets.

The 1,100 ETH paid to Tornado Cash and the 100 ETH sent to an account linked to the Lazarus Group, a hacker outfit allegedly linked to North Korea, are among the unrecovered assets.

Using pricing from the moment the protocol was disabled due to the attack, Euler will determine the worth of users’ assets and liabilities if the plan is accepted.

The hacker who stole approximately $200 million in dai (DAI), wrapped bitcoin (wBTC), staked ether (sETH), and USD coin (USDC) from the lending protocol received a $1 million reward. When the bounty offer was made, the developers asked that 90% of the money that had been taken be returned.

Using a flash loan, the attacker carried out the attack by tricking the protocol into thinking it had different amounts of eToken and dToken in its possession.

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.

Share link:

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan