After days of silence, the hacker behind the Euler Finance attack has returned 51,000 ETH, equivalent to around $89 million, to the project, accounting for almost half of the funds that were stolen.
According to blockchain data, on the evening of March 25th, the wallet address of the Euler Finance attacker sent back the said amount to the project. This development has brought the total amount of funds recovered to 54,000 ETH, as the hacker had returned 3,000 ETH on March 18th.
The price of Euler’s token, EUL, is reportedly surging following the news of the hacker returning the funds. Euler Finance suffered a flash loan attack on March 13th, resulting in a loss of $197 million worth of assets in the form of ETH, DAI, WBTC, and USDC.
Initially, Euler Finance refused to entertain the idea of paying a ransom, but after negotiations, it seems that positive progress has been made between the project and the hacker.
Interestingly, last week, the hacker group, Ronin Network, attempted to scam the Euler Finance attacker by tricking them into clicking on a phishing link, with the aim of taking over their wallet address.
Flash loan attacks have become increasingly common in the decentralized finance (DeFi) space. They are a form of smart contract exploit, where an attacker takes out an uncollateralized loan and uses it to manipulate the market before paying back the loan. Such attacks have caused significant losses in the DeFi space.
The return of the funds by the hacker is a positive development for Euler Finance, as it means that they will be able to recover some of the assets that were stolen. It also highlights the importance of engaging in negotiations and finding a solution that works for all parties involved. The recovery of stolen funds is crucial for the continued growth and development of the DeFi ecosystem.
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This article was republished from azcoinnews.com
