After a long negotiation process, Euler Finance teams have managed to recover the full $197 million stolen from the protocol. Let’s take a look at this positive outcome of one of the biggest hack cases in decentralized finance (DeFi).
Euler Finance makes the return of stolen funds official
A little more than 20 days after the impressive hack of about $197 million on Euler Finance, the protocol’s teams have made official the full return of the stolen funds. Indeed, among the main transactions of the last few days, we can highlight the return of 10 580 ETH.
Now that the amount due has been returned, the inventory work has begun so that the victims can recover their assets as they should. With trading in other cryptocurrencies and price movements since the attack complicating the process, Euler Labs reassures that information for claiming the funds will follow shortly:
The claim calculations are not necessarily straightforward and a little more patience will likely be required before the assets can be claimed by their rightful owners. However, a proposal will be released shortly, including an overview. “
Furthermore, the protocol teams remind that the governance forum is available to the community for any proposals or questions on the subject.
However, it is interesting to note that while Euler Labs considers that the funds have been returned in their entirety, the ZetaSeek website has aggregated all the transactions in this case, and thus seems to show the opposite. Indeed, $6.32 million is still missing, although the protocol has not communicated on this subject.
A heavy work of investigation
In addition to being one of the biggest hacks in the history of decentralized finance (DeFi), this case is equally notable for the investigation that followed and the subsequent return of the stolen money.
If in one of our previous articles on the subject, we had assumed a potential “panic” on the part of the hacker, it seems that this was the case. At least, Euler Labs mentions a person overwhelmed by his actions, although the terms used still leave doubt as to whether one or more hackers were involved:
While the attack itself showed a level of sophistication, it quickly became clear that the attacker had made a life-changing mistake. Eventually, after a long period of negotiation, they were convinced to do the right thing for Euler users. “
In addition, the Euler Finance teams went back to the lack of voluntary communication over the past three weeks. While this may have been anxiety-provoking for those affected, they explain that it was a necessary strategy that paid off in terms of negotiations and the resolution of the case.
Finally, this hack underlines the importance of transparency of public blockchains, refuting once again the argument that cryptocurrencies are a breeding ground for money laundering.
And for good reason, as stated in a lengthy Twitter thread, “a significant amount of information” was gathered in the 24 hours following 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
