The cryptocurrency market was jolted earlier this month by a massive hack using decentralized finance (DeFi), which resulted in the hacker’s theft of approximately $200 million by compromising the Euler Finance protocol.
But, according to the most recent information (1) available, the hacker has now been releasing portions of the monies.
https://twitter.com/dcfgod/status/1640419007823003673
According to data that was stored on the blockchain, the perpetrator of the breach remitted an extra 26.5 million dollars worth of ether (ETH) to the deployer accounts of Euler Finance on March 27.
There were two payments, one right after the other, that were made from the address of the hacker to the account of the Euler deployer.
At 6:21 UTC on Monday evening, the address associated with the hacker sent 7,738.05 ETH, with a total value of $13.2 million, to the account used by the Euler deployer.
Another address affiliated with the hacker delivered the same quantity of Ethereum within the same block.
As a direct consequence, the hacker addresses contributed 15,476.1 ETH, equivalent to around $26.4 million, to the same deployer wallet.
When some time had passed, at around 6:40 PM UTC, the first wallet initiated a second transaction to the Euler deployer account in the amount of 10.7 million Dai stablecoin. As a result, the combined proceeds from all three sales total $37.1 million.
According to the information provided by Etherscan, the addresses that are responsible for delivering ETH to the Euler deployer account have been given the name “Euler Financial Exploiter 2.” This would seem to infer that the attacker is currently in control of the addresses at this time.
Funds Recovered Till now in the Euler Exploit
Over the course of the past week, the hacker has been sending a sizeable amount of money back to the account used by the Euler deployer. The hacker gave back a total of 58,000 ETH, which had a value of almost $101 million at the time.
This occurred on March 25 last week. Till now, the hacker has given back a total of $138 million, which is equal to around 70% of the total sum obtained using the Euler Finance protocol.
Because various protocols inside the Ethereum network were reliant on Euler in some form or another, this was one of the key hacks.
According to the report, at least eleven protocols have disclosed that they have experienced indirect losses as a result of the attack.
Per the findings of Slowmist’s investigation, the vulnerability was caused by a malfunctioning function, which the hacker took advantage of to contribute the lent Dai to a reserve fund successfully. Using this strategy, the attacker successfully rendered their own account bankrupt.
The attacker then used another account to sell the first account at a sharp discount, and they profited from this discount as a result of their actions.
Following the initial attempt, which was successful in stealing Dai stablecoins, the hacker then performed the same process on multiple accounts.
The hack’s perpetrator successfully stole a total of $197 million from the Euler protocol.
Featured image from : (1.1)