In the wee hours of Monday morning, the Hacker who was responsible for the theft at Euler Finance finally handed over the remaining sum of $31 million, marking the successful completion of the recovery efforts.
The decentralized lending platform was the target of a flash loan attack on March 13, which resulted in the platform losing crypto assets valued at around $197 million. And not long after the hack, Euler Financial offered the perpetrator of the crime a 10% reward in exchange for the returned monies.
In addition, the initiative offered an additional one million dollars as a bounty in the event that the Hacker chose not to return the money.
It vowed to use any legal means available to track out the person or people responsible for the attack.
But, it appears that Euler’s efforts have finally been rewarded, as the Hacker has now refunded the remaining cash as of Monday.
On April 3, at around 6:55 p.m. Eastern Standard Time, the attacker refunded $31 million to the victim in the form of three separate transactions. (1)
The most recent restitution brings the total amount of money returned to more than $177 million, which accounts for ninety percent of the cash that was fraudulently obtained.
According to the team from Euler Finance, the exploiter is now finished after considering the 10% offer made on the project.
The following is what the official statement says:
“Following successful negotiations, all of the recoverable funds taken from the Euler protocol on March 13 have now been successfully returned by the exploiter.”
Following successful negotiations, all of the recoverable funds taken from the Euler protocol on March 13th have now been successfully returned by the exploiter.
— Euler Labs (@eulerfinance) April 3, 2023
The restoration of these monies represents an extremely unusual case of a constructive solution in the DeFi area, which has seen an increase in the frequency of large-scale hacks in recent years.
The Euler Finance Experiment Serves as a Model for Future DeFi Initiatives
There is little doubt that the term “flash loan attack” has developed into something of a synonym for the “decentralized finance” (DeFi) industry.
In addition, it is not typical to see recovery efforts arrive at sensible findings, as with Euler’s instance.
Yet, it is fascinating to see how Euler has handled the problem throughout the entirety of it. In addition, considering that all of the monies were recovered, albeit in an unorthodox manner, it is anticipated that more initiatives would follow Euler’s model moving forward. at the very least, in order to ensure that they will be able to find a speedy solution to any future concerns that may or may not be identical.