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Euler Finance Recovers All Stolen Funds, EUL Token Price Jumps 8%

2 mins
Updated by Kyle Baird
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In Brief

  • Euler Finance has successfully negotiated with the hacker who executed a flash loan attack in March.
  • The hacker will return the funds and has already made some transfers.
  • The Euler Foundation had previously launched a $1 million reward campaign for information on the hacker.
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The hacker behind the $200 million attack on Euler Finance has agreed to return all of the stolen funds. The EUL token has also jumped following the news.

Euler Finance has recovered all of the stolen funds from the attack that took place on March 13. The team announced over Twitter that it had successfully negotiated the return of all the funds with the attacker.

The Flash Loan Attack Drained $200M

The attack took place on March 13, with the exploiter stealing about $200 million. Assets stolen include DAI, wrapped Bitcoin (WBTC), staked ether (sETH), and USDC.

The attack method was a flash loan attack, a common means of exploiting DeFi protocols. Such attacks have been occurring for a long time and continue to be a major source of pain for developers and users. Euler Finance has also provided a post-mortem on the incident via Omniscia.

Euler Finance began resolving the situation quite soon after the incident. CEO of the platform also commented on the situation, saying that recent days “have been the hardest days of my life and I’m absolutely devastated for everyone who’s been affected.”

This exploit is unusual in that the attacker apologized quite quickly after the incident, making this incident something of a quick one. The addresses linked to the attacker have already made some transfers to Euler, which indicates that he is good on his promise.

One Million Reward to Catch the Hackers

Among the steps that Euler Finance took to fix the situation was to launch a $1 million reward campaign. This sum would have been handed to anyone that provided information about the hacker. However, since the hacker returned the funds, the Euler Foundation is no longer accepting new information.

The team said that it would offer more details on this campaign on April 5. In any case, it’s a quick end to what would have been another major incident in the crypto market.

Euler Finance Token Recovers After Funds Recovery

The token of Euler, EUL, predictably reacted to the news of the hack and the recovery of the funds. The token jumped by as much as 20% from $3.36 to $4.05. It has since settled back to $3.70 at the time of publishing.

Euler Finance Price: BeInCrypto
Euler Finance Price: BeInCrypto

On the whole, Euler Finance has come out mostly unscathed from the incident. However, the team will have to focus on revising its security as hackers continue to target the DeFi market because of the large influx of funds.

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Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...