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Euler Labs hacker returns "all refundable funds" - Timeline

Published on

April 4, 2023
Read Time:3 Minute, 21 Second

After being robbed of $196 million in a flash mortgage assault, Euler Finance satisfied its hacker to return a lot of the funds. The end result resulted from quite a few back-and-forth strikes over 23 days that ultimately prompted the hacker to do "the precise factor".

On March 13, Euler Finance hacker carried out a number of transactions, every withdrawing tens of millions of {dollars} in numerous tokens together with Dai (DAI), USD Coin (USDC), Stacked Ether (StETH) and Wrapped Bitcoin (WBTC).

Funds stolen from Euler Finance. Supply: BlockSec

In consequence, Euler's whole worth locked in its sensible contracts has dropped from over $311 million to $10.37 million. Finally, 11 totally different decentralized finance (DeFi) protocols, together with Balancer, Yearn.finance, and Yield Protocol, both froze or misplaced funds.

At 10:00 UTC, Balancer employees turned conscious of an exploit on Euler. It was decided that the very best plan of action was to pause and put bbeUSD (Euler Boosted USD) and all swimming pools containing bbeUSD into restoration mode. This was carried out by the emergency SubDAO at 11:00 UTC.

— Steadiness (@Steadiness) March 13, 2023

The following day, March 14, Euler took proactive measures to get better funds, disabling its weak Etoken module and donation function as a primary motion. As well as, it labored with accounting companies to investigate the basis explanation for the exploit.

Certainly one of our testing companions, @Omniscia_sec, carried out a technical post-mortem and analyzed the assault intimately. You possibly can learn her report right here:https://t.co/u4Z2xdutwe

In brief, the attacker exploited weak code that allowed them to create an unsecured token debt...

— Euler Labs (@eulerfinance) March 14, 2023

On the similar time, Euler tried to contact the hackers to barter a premium. On March 15, Euler gave the hacker an ultimatum to return 90% of the stolen funds and threatened to announce a $1 million reward for data that would result in the hacker's arrest. This deal would permit the hacker to stroll away with $19.6 million.

The hacker, then again, started transferring funds at will. A sufferer acquired 100 Ether (ETH) after convincing the hacker that their life financial savings had been misplaced within the Euler hack. Over a number of days, the hacker returned the stolen funds of various values.

Amid the chaos, Euler Labs CEO Michael Bentley revealed that ten separate audits over two years had been thought-about the log.nothing higher than low risk" with "no open problems".

On March 21, Euler put a $1 million bounty on the hacker's head after he was ghosted during a conversation while trying to strike a deal. From March 25, the hacker began returning the stolen assets in large numbers multiple times.

23 days after the hack, on April 4, Euler Finance announced the full potential recovery of the lost funds, ending the $1 million bounty. "Because the exploiter did the right thing and returned the funds and the $1 million rewards campaign launched by the Euler Foundation is no longer accepting new information," the transcript reads.

Because the exploiter did the right thing and returned the funds and the $1 million rewards campaign launched by the Euler Foundation is no longer accepting new information.

All details will follow tomorrow.

— Euler Labs (@eulerfinance) April 3, 2023

Within the final transactions of the hackers Posted 12 million DAI and 10,580 ETH in several transactions. The crypto group applauded Euler Finance's efforts to get better funds and restore investor confidence.

Associated: Allbridge is providing a bounty to the exploiter who stole $573,000 in a flash mortgage assault

Gnosis, the group behind Gnosis Secure Multisig and Gnosis Chain, not too long ago launched a hash oracle aggregator to enhance bridge safety by requiring a couple of bridge to validate a payout.

As Cointelegraph reported, over $2 billion was stolen from bridges in 2021 and 2022, principally as a result of bugs and pockets assaults.

Journal: Huawei NFTs, Toyota's Hackathon, North Korea vs. Blockchain: Asia Categorical



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : April 4, 2023
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