Euler Finance Hacked for $196 Millions, Offers $1 Million Bounty on the Hackers

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As the decentralized lending protocol, Euler Finance attempts to recover from Monday’s $196 million hack, and it is leaving no stone left in its investigation.

For the past two days, the Ethereum-based noncustodial lender has communicated with the hacker via several on-chain messages to negotiate a settlement with them.

The conversations, on the other hand, have not produced any fruitful results so yet.

According to Euler Finance (1), it mandates that the perpetrator must refund 90 percent of the money they stole within twenty-four hours or face legal repercussions.

That is, they are allowed to keep approximately $20 million as compensation for all of their trouble, but they must repay the remainder by the specified date.

 

Euler Finance Will Offer a $1 Million Reward

Euler Finance has delivered a last demand to the perpetrator of the flash loan assault in its most recent communication with them.

Also, it pledged to lay a bounty of one million dollars on the individual who carried out the attack. The following is an excerpt from the message:

“If 90% of the monies are not returned within the next 24 hours, tomorrow we will launch a $1 Million reward for information that leads to your arrest and the return of all funds,” the reward will be offered if the information leads to an arrest and the return of all funds.

After Euler’s earlier demonstration of good faith, he has now issued an ultimatum and threatened legal action. Late on Monday night, Euler had sent a letter to the person who had attacked him, writing that he hoped the person would be willing to negotiate.

The following was written on the platform at the time:

“We are writing to see if you would be open to discussing any potential future steps. If so, we would very much appreciate it.”

Euler is now actively contacting law enforcement personnel in the USA and UK to get a reaction from the attacker; nevertheless, there has been no response from the perpetrator even up until today.

Additionally, the platform asserts that it will collaborate with other blockchain intelligence platforms, such as Chainalysis and TRM Labs, to assist in identifying the hacker and bringing them to justice.

 

EUL Token Takes a 15% Plunge

After news of the exploit was discovered on Monday, the value of the native token of the Euler protocol, known as EUL, has significantly decreased, as was to be expected. As this article is being written, EUL has been offline for the second consecutive day.

The data from CoinMarketCap indicates that the coin has lost 15.08% in the previous twenty-four hours and is currently trading at $2.51.

Euler Finance Hacked For $196 Millions, Offers $1 Million Bounty On The Hackers
Eular token chart. Source: coinmarketcap (1. 1)

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