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Euler Labs Successfully Recovered Stolen Funds



Euler Labs Successfully Recovered Stolen Funds

The attacker, who stole funds from the Euler protocol on March 13th has successfully returned all of the stolen recoverable assets. Euler Labs confirmed this on their Twitter stating that all “recoverable funds” hijacked from their protocol by the exploiter have been returned after lengthy talks.

They also announced that because the individual who exploited the protocol had returned the funds, the Euler Foundation’s $1 million reward effort will no longer be accepting new information.

The Euler protocol is an Ethereum-based autonomous trading platform. The protocol was breached on March 13 and some funds were stolen. The attacker used the Multichain bridge to move funds from the Binance Smart Chain to the Ethereum network and carried out the attack. In a message sent the next day to the hacker on March 14, Euler Labs attached $0.00 in Ether (ETH) and offered to pay $1,000,000 for information leading to the hacker’s arrest and return of all assets if the money wasn’t returned within 24 hours.

On Monday, around 10:55 p.m. GMT, thee attacker returned $31 million in three separate transfers, including over 8000 ETH (approximately $19 million) and about $12 million in DAI which amounts to over 90% of the stolen money is anticipated to be recovered.

The team worked relentlessly before they were able to track down the exploiter and eventually start a negotiation with them. To everyone’s surprise, the attacker decided to pay back every penny he stole, after negotiations. 

In the announcement thread, the community as a whole was thrilled that the funds were recovered. The Euler Protocol team has been praised for their openness and competency throughout the entire process.

Read also: 

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