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Not certain what the plan is, but the Euler Finance hacker has returned only 3000 Ether (ETH) worth approximately $5.4 million from the $197 million which was siphoned from the Decentralized Finance (DeFi) platform a few days ago.
While this is a glimpse of hope, the chance that the hacker will return the complete funds is quite slim. Since the beginning of this year, this is the biggest recorded DeFi hack in the cryptocurrency sector.
The 3,000 ETH was refunded to Euler Finance’s deployed address in three different transactions in the early hours of Saturday 18th March, based on investigations by blockchain security platform PerkShield. Another source confirmed that within four minutes, 1000 ETH was sent in three successions. After the three transactions, no other activity has been noticed on the hacker’s wallet address.
Hacker Drain $197M From Euler Finance
Non-custodial DeFi protocol Euler Finance became the victim of a huge exploit on Monday 13th March where almost $200 million was stolen from the platform. The perpetrator committed the theft through multiple transactions and later engaged a multi chain bridge to push the funds from the BNB Chain to Ether.
For a firm considered to be “security-minded”, the hack came as a shock to many including the Chief Executive Officer (CEO) of Euler Finance, Michael Bentley. The Ethereum-based lending platform had previously performed as many as ten different audits within the last two years.
In the days following the hack, Euler Finance began to negotiate with the hacker in a bid to recover customers’ assets that were stolen. As is the case in many other exploits, the DeFi protocol asked that the hacker return 90% of the siphoned funds in 24 hours. Euler Finance also threatened to launch a $1 million bounty reward for any information leading to the arrest of the hacker if the funds are not returned.
If the second option is the case, the hacker will not be entitled to any part of the fund as all of it would be returned. However, the reaction to the message from Euler Finance was that the hacker moved the funds to Tornado Cash, a cryptocurrency mixer or blender that is used to obfuscate the source of digital assets.
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