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Eureka Trading Offers $3M Bounty to Help Recover Stolen Crypto

2 mins
Updated by Kyle Baird
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In Brief

  • Eureka Trading is offering a $3 million bounty to recover stolen funds.
  • The founder says he lost $15 million due to a private key leak.
  • Hacks in Q1 2023 reached $320 million, according to CertiK.
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Crypto trading platform Eureka Trading is offering a bounty of over $3 million for the recovery of stolen crypto from its platform. The founder said he was subject to a private key leak and crypto hack that resulted in $15 million being stolen.

Derivatives-focused crypto trading platform Eureka Trading has put a $3 million bounty to help recover funds it lost as a result of a hack.

The platform’s founder Kuan Sun tweeted about the bounty on April 16, saying that the value of the bounty may be even higher depending on the kind of help provided.

Crypto Bounty as a Last Measure

The offering of a bounty is another trend among crypto platforms that quickly offer financial incentives for recovering funds. There has been a slew of incidents in the market in recent weeks, with hackers returning the funds after negotiating with the teams. There have even been instances where the hackers have apologized for the incident.

One of the most notable such incidents in 2023 has to do with the Sentiment hack, a DeFi platform. The hacker had stolen nearly $1 million, returning nearly 90% of the funds. Before this, both Euler and Allbridge saw their attackers return funds.

What Is Eureka Trading?

Eureka Trading is a specialized financial derivative service provider in the crypto industry, calling itself the first of its kind. It claims to have over $500 million in assets under management, with a monthly turnover of over $50 billion.

According to the founder, Eureka Trading was hacked for about $15 million. He tweeted that he was subject to a private key leak, which saw the attacker making away with the funds. He also noted that there was some information on the attacker, but not enough to conclusively identify what had taken place.

Crypto Hacks in Q1 2023 Top $300M

2023 has been a busy year in terms of hacks. In the first quarter of the year, hackers managed to steal over $320 million, according to blockchain security firm CertiK. Ethereum was the biggest target of these hacks, accounting for about $221 million in losses.

Crypto Hack Totals From Q1 2023 by CertiK
Crypto Hack Totals From Q1 2023 by CertiK

NFT hacks and exploits are also growing, which is understandable given the interest in the niche. Bad actors often carry out phishing attacks on social media to compromise wallets and nab valuable NFTs.

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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...