Just at the beginning of the month of March, Euler Finance, a major lending protocol had suffered a major exploit. As a result of the exploit, the hacker was able to steal a huge amount of funds.
It was revealed by the Euler Finance officials that the exploit carried out was for a whopping $196 million. According to the crypto market observers, it is the largest exploit for the year 2023 so far.
The Hacker has Returned the Funds
The officials at the lending firm have now shared a major update on the matter. They have revealed that the hacker who carried out the exploit has returned the majority of the cryptocurrency assets that were stolen.
Even the on-chain data analyzing firms have confirmed this through their latest analysis of Euler Finance.
The on-chain firms have revealed that the hacker has returned the majority of the funds stolen from the protocol. It was on March 25, when the hacker reportedly return a total of 51,000 ETH.
At the time of writing, the total valuation of the funds returned by the hacker is $88 million. It was just the first transfer where the hacker returned 51,000 ETH.
In the second transaction, the hacker returned 7,737 ETH, which translated to more than $13 million.
Prior to this, the hacker had made a transaction that carried 3,000 ETH, which was done on March 18. At that time, the total valuation of the particular batch was $5.4 million.
The officials have revealed that despite making huge transfers, the hacker is still in possession of some assets he had stolen from the protocol.
The Actual Hack
It was on March 13, when the hacker carried out the hack. The exploit was carried out in the form of multiple transactions. As a result, the hacker had managed to steal a total of $196 million worth of crypto assets.
It was revealed by the Euler Finance investigation teams that the hacker had exploited the protocol as a result of the flash loan attack.
As a result of the hack, the hacker was able to steal multiple tokens that included USD Coin (USDC), Staked Ether (stETH), Wrapped Bitcoin (WBTC), and Dai (DAI).
The hacker had gotten his hands on 34 million USDC, 85 million stETH, 849k WBTC, and 8.8 million DAI.
Hacker Sent an Agreement
After carrying out the exploiter, the hacker reached out to the Euler Finance teams in an unusual manner. He reportedly sent them a message through the chain about forming an agreement.
He was straightforward in forming the agreement with Euler Finance. In the message, the hacker stated that he wanted to make things easier and simpler for everyone impacted by the exploit.
The hacker asked that a secure communication channel must be established so the agreement could be viewed and formed without anything hidden from both sides.
It was claimed by the hacker that he and his group do not want to keep something that is not theirs to own in the first place.
Therefore, they have decided to form an agreement and work something out to deal with the situation. Prior to the hacker sending the on-chain message to Euler Finance, it was the protocol itself that had tried making a contact with the hacker.
Euler Finance had previously requested the hacker to return 90% of the total funds that they had stolen from their protocol.
They claimed that if the hackers did not comply with their request within 24-hours, they would proceed with taking legal action against them.
Initially, the hackers did not reply to their request and Euler Finance issued a $1 million bounty for anyone that would give them a lead for the hackers.
This was enough to catch the attention of the hackers and force them to come to a negotiation.
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