On March 13, Euler Finance, a DeFi platform specializing in cryptocurrency lending and borrowing, was the victim of a hack that cost it nearly $200 million. However, after negotiations with the attacker, the Euler Finance team announced on Twitter that recoverable funds worth approximately $31 million have been returned by the hacker.
The hacker, who had made two transactions worth a total of 8,080 ETH and 2,500 ETH, as well as $12 million in DAI stablecoin, opted to return the funds. The total value of the three transactions is estimated at approximately $31 million.
The reason why the hacker hacked Euler Finance and then returned the funds is not very clear at this time. It should be noted that the hacker sent a message to an Ethereum address linked to Euler, expressing his willingness to return the funds shortly after hacking the Euler Finance platform.
According to crypto news information we have in our possession, the hacker returned all 84,951 ETH worth $147.8 million and $29.9 million in DAI.
The hacker, who identified himself as “Jacob”, later apologized for the attack via public messaging on the blockchain and promised that the rest of the money would be returned very soon.
Finally, Euler Finance announced a $1 million rewards program for information to identify and stop the hackers of this hack.
However, following Jacob’s message and the return of part of the funds, Euler Finance finally decided not to accept any further information on this subject or to seek to identify other possible hackers.
Despite the positive outcome of this attack, Euler Finance suffered significant losses. However, the platform quickly took action to resolve the situation.
The platform’s CEO commented on the incident, saying the past few days had been the hardest of his life and he was absolutely devastated for everyone affected by the hack.
The incident is notable for the speed with which the hacker apologized and returned the funds, which allowed Euler Finance to recover relatively quickly from the attack.
However, it also highlights the need for DeFi platforms to strengthen their security as hackers continue to target the market due to the large influx of cryptocurrency funds.
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