Decentralized finance protocol Euler Finance has announced that it has recovered the funds stolen in its March 13 hack. According to Euler Finance, the return of the funds was facilitated by negotiating with the hacker. In its efforts to recover the funds, Euler Finance had promised the hacker that in case of a successful agreement, it would keep 10% of the amount.
Euler Finance and its hacker come to an agreement
After more than two weeks of concern, the decentralized finance protocol Euler Finance has finally found its 200 million dollars stolen during the hack it suffered on March 13. The return of funds was made possible thanks to the successful negotiation between the two parties. Indeed, among measures taken by Euler Finance the day after the hack included negotiating with the hacker.
Euler Finance had promised the hacker that in case of a successful agreement, he would keep 10% of the hacked amount.
After successful negotiations, all recoverable funds from the Euler protocol were successfully returned by the hacker.
Euler Finance
In an effort to recover his stolen funds, Euler Finance had referred the matter to the American and British authorities. A reward of 1 million dollars had also been put in place to reward anyone who would provide information leading to the identification and arrest of the hacker. All this obviously did not lead to the expected results. In fact, Euler Finance has announced the end of the $1 million award.
370 million stolen by crypto hackers in Q1 2023
The hack of the decentralized finance protocol Euler Finance is the largest recorded since the beginning of 2023. However, it is far from being the only one. According to The Defiant, At least $370 million was stolen during the various crypto hacks in the first quarter of 2023.
This is a significant amount, but still far less than the funds stolen in the previous quarter. Indeed, nearly 5 billion had been stolen in the last quarter of 2022. Is this a sign that the crypto industry is stepping up security measures? Hard to confirm at this point. We’ll have to see if this trend continues.
The saga around the Euler Finance hack is over. Nevertheless, it calls into question the way to deal with crypto hackers. With the happy ending of this case and the return of the stolen funds, it is not excluded that crypto projects in the future prefer to negotiate with the hacker rather than hunt him down.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
