Euler Finance hacker returns $5.4M

On March 16, Euler Finance, a decentralized finance (DeFi) protocol, introduced that it had been the sufferer of a large hack by which a complete of $197 million was stolen. This was shortly dubbed the most important DeFi hack of 2023 up to now and despatched shockwaves by the crypto group.

The hacker was capable of drain the funds by a sequence of a number of transactions, after which used a multichain bridge to switch the stolen funds from the Binance Sensible Chain to Ethereum. The hacker then moved the stolen funds into the crypto mixer Twister Money, making it tough to trace the funds.

Nonetheless, on March 18, there was a stunning growth when the hacker reportedly returned round $5.4 million in Ether to Euler Finance’s deployer tackle. The funds had been despatched in three transactions, and it’s unclear why the hacker determined to return the funds.

This isn’t the primary time {that a} hacker has returned stolen funds after a high-profile hack. In 2016, the hacker who stole $55 million from the DAO returned the stolen funds, citing a “bug” within the code. It’s doable that the hacker behind the Euler Finance hack had a change of coronary heart, or was pressured to return the funds after Euler Finance introduced a $1 million reward for info on the hacker’s id.

Euler Finance has demanded that the hacker return 90% of the stolen funds inside 24 hours to keep away from doable jail time. It stays to be seen whether or not the hacker will adjust to this demand, or whether or not the remainder of the stolen funds might be returned.

The Euler Finance hack highlights the continuing safety dangers within the DeFi area. DeFi protocols are designed to be open and clear, however this additionally makes them susceptible to assaults. It can be crucial for DeFi protocols to take measures to enhance their safety, equivalent to performing common audits and implementing multi-factor authentication for person accounts. Solely by doing so can DeFi protocols acquire the belief of customers and buyers alike.

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