$200,000,000 in Stolen Crypto Recovered by DeFi Platform After Community-Led Investigation
Three weeks after breaching the Ethereum (ETH)-based lending protocol Euler Finance, the hacker who extracted nearly $200 million worth of crypto from the platform has returned the stolen assets.
On March 13, Euler fell victim to a flash loan attack and lost 96,833 Ethereum worth around $166 million at the time of the incident and $34 million worth of the USD-pegged stablecoin DAI.
In a statement published on April 4, the startup behind the decentralized finance (DeFi) platform says the attacker eventually returned all mineable funds to the Euler DAO treasury after a period of intensive investigation and negotiations.
“The return represents one of the largest recoveries of stolen assets in blockchain history. It follows an intensive investigation involving collaboration between security personnel, law enforcement and community volunteers.”
Euler says The investigators were able to collect a significant amount of information and leads as early as within 24 hours of the attack, but it had to keep all sources of information confidential while negotiations were ongoing.
“As others have pointed out, the Euler recovery is a reminder to all possible black hats that it is very difficult to remain anonymous online if there is a sufficiently skilled and motivated group of people looking for you.”
The platform says that since the community’s investigation is now over and the stolen funds were returned as promised, the $1 million reward it previously offered for information about the attacker will no longer be available.
“Since the exploiter returned funds as promised, the $1 million reward campaign will no longer accept information.”
Euler says it is now focusing on claims and is set to present a proposal to restore user funds in the coming days.
“All energy has now gone into ensuring that affected users can reclaim their share of the recovered assets as soon as possible.
The Euler community and affected users have already begun to develop a plan for this, to which Euler Labs will contribute.”
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