After a long negotiation process, the Euler Finance teams succeeded in recovering all of the $197 million stolen from the protocol. Let’s take stock of this positive outcome of one of the biggest decentralized finance (DeFi) hack cases.
Euler Finance formalizes the return of stolen funds
A little over twenty days after the impressive hack of around $197 million on Euler Finance, the protocol teams have formalized the full return of the stolen funds. Indeed, among the main transactions of the last few days, we can highlight in particular the return of 10,580 ETH.
Now that the full amount owed has been returned, the inventory work has begun in order to be able to allow victims to recover their assets as they should. The exchanges in other cryptocurrencies and the price movements since the attack complicate the process, Euler Labs reassures however by indicating that the information for the claim of the funds will follow soon:
“The claim calculations are not necessarily straightforward and a little more patience will likely be required before assets can be claimed by their rightful owners. However, a proposal will be released soon, including an outline. »
In addition, the protocol teams point out that the governance forum is available to the community for any suggestions or questions on the subject.
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Heavy investigative work
In addition to being one of the biggest hacks in the history of decentralized finance (DeFi), this case is equally significant by the ensuing investigation and the subsequent return of the stolen sum.
If in one of our previous articles on the subject, we had been able to assume a potential “panic” on the part of the hacker, it seems that this was the case. At the very least, Euler Labs mentions a person overwhelmed by his actionsalthough the terms used still cast doubt on whether one or more hackers were involved:
“Although the attack itself showed a level of sophistication, it quickly became clear that the striker had made a potentially life-changing error. Finally, after a long period of negotiation, they were convinced to do the right thing for Euler users. »
In addition, the Euler Finance teams returned to the lack of voluntary communication over the past three weeks. If this could prove to be anxiety-provoking for the people affected, they explain that it was a necessary strategy which bore fruit for the good conduct of the negotiations and the resolution of this affair.
Finally, this hack highlights the importance of public blockchain transparencyonce again refuting the argument that cryptocurrencies are a breeding ground for money laundering.
And for good reason, as noted in a lengthy Twitter thread, “a significant amount of informationwere collected within 24 hours of the attack. Thus, this conclusion is explained in particular by the impressive number of resources mobilized, both with community volunteers and professional actors :
@tayvano_@hudsonjameson@samczsun@claudijd@cryptogle@functi0nZer0@sheikhswampert@Mudit__Gupta@wschwab_@variantfund@jump_@paradigm@lyuben@pranaymohan@dedaub@Blockanalia@symbiotic_bnb@binance@Wachsman_@0xPolygonLabs@zamosta
The Euler Labs team—Euler Labs (@eulerfinance) April 4, 2023
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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