Euler Finance Hacker Sends 100 ETH To North Korean
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Euler Finance Hacker Sends 100 ETH To North Korean

written by John Murphy | March 19, 2023

In a startling turn of events, an Euler Finance Hacker Sends 100 ETH to a North Korean address previously red-flagged by international authorities.

The incident has raised serious concerns about the security and integrity of cryptocurrency exchanges and trading platforms and the need for better regulation and oversight to prevent such incidents from occurring in the future.

According to sources, the hacker managed to gain access to a significant amount of funds in the Euler Finance platform by exploiting a vulnerability in its security system.

The hacker then transferred 100 ETH worth approximately $20,000 to a North Korean address previously identified by international authorities as a destination for illicit funds and money laundering.

The incident has caused an uproar among cryptocurrency experts and regulators, who have long warned of the risks of using digital currencies for criminal activities and illicit transactions.

Euler Finance has issued a statement on the matter, stating that the company is fully cooperating with law enforcement agencies and has taken immediate steps to enhance its security and prevent similar incidents from happening in the future.

The incident is just the latest in a series of cyber attacks and security breaches that have plagued the emerging cryptocurrency industry, highlighting the urgent need for better regulation and oversight to protect investors and prevent criminal activities.

Regulators and industry experts have called for greater transparency and accountability in the cryptocurrency market. Some argue that the lack of clear rules and regulations has made it a breeding ground for criminal activities and fraud.

The incident has also brought to light the challenges associated with tracking and tracing cryptocurrency transactions, which can often be difficult to track and monitor due to their anonymous nature.

While some experts have called for tighter industry regulation, others have argued that such measures could undermine the underlying principles and benefits of digital currencies, such as decentralization and anonymity.

Despite the challenges and risks associated with the use of cryptocurrencies, many investors and traders remain bullish about the future of the industry, citing its potential for innovation and disruption in the financial sector.

However, incidents such as the Euler Finance hack highlight the need for caution and vigilance in digital currencies and for continued efforts to improve the security and integrity of cryptocurrency exchanges and trading platforms. 

Chainalysis suspected North Korea’s involvement in the Euler Finance hack but highlighted the possibility of misdirection by other hackers.  

Ever since Euler Finance fell victim to the biggest DeFi hack of 2023, the crypto community has been closely tracking $197 million on-chain in hopes of tracking down the attackers. Transactions of 100 of his Ether-ETH tickers, worth $1,783, are said to have been sent to addresses associated with North Korea-linked attackers from a series of transfers made by the hacker. 

Blockchain investigator Chainalysis discovered that 100 ETH from stolen Euler funds was sent to an old hack-marked address with ties to North Korea.  

The 100 ETH stolen in Monday’s #EulerFinance hack was moved to addresses linked to previous hacks carried out by attackers with ties to #North Korea. This could mean that Euler’s hack could also be the work of #DPRK or misdirected by other hackers. Share as much detail as possible