Hacker returns stolen Ethereum to Euler Finance
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Hacker returns stolen Ethereum to Euler Finance

written by John Murphy | March 18, 2023

The hacker theft almost $197 million from Euler finance. It has dubbed the biggest DeFi hack of 2023 so far. At the time of writing, no outbound transactions, other than the return of 3000 Ethereum, had been recorded. It is, therefore, unlikely that the hacker returns stolen Ethereum to Euler Finance.

However, there is some good news for you. On March 18, the hacker returned approximately 3000 Ethereum worth $5.4 million to Euler Finance’s deployer address. The funds sent in three transactions with each. And these transactions were transferring 1000 Ethereum to the deployer account. Blockchain investigator Peck Shield identified the transactions.

So, it is important to observe that the return of some stolen finds is a positive development. Therefore, it considers a positive step that Hacker returns stolen Ethereum to Euler Finance. It is unlikely that the hacker will return the entire $197 million. It means that Euler Finance and its investors will still suffer a significant loss.

Euler Finance announced a $1 million rewards program in response to information that led to the recovery of the funds as well as the identification of the hacker. However, the hacker could use the multichain bridge to transfer the funds from BNB Chain to Ethereum. Then he moved the stolen funds into the crypto mixer Tornado Cash.

Euler Finance has demanded that the hacker return 90% of the stolen funds within 24 hours to avoid possible jail time. At the same time, this challenge seems unlikely to succeed. It is a necessary step to hold hackers accountable for their actions and controlled future attacks.

In conclusion, we can say that the Hacker returns stolen Ethereum to Euler Finance is a positive development. But it is unlikely that Euler Finance will recover the entire $197 million. The incident highlights the need for increased security measures in the DeFi space and the importance of holding hackers accountable for their actions.