In what has been dubbed the largest DeFi hack of 2023, Euler Finance was drained of $197 million by a hacker. However, in a surprise twist, it appears that the hacker may have had a change of heart.

On March 18, 3,000 Ether worth $5.4 million were returned to Euler Finance’s deployer address from the hacker’s address. While this is a significant amount of money, it’s important to note that the entire loot hasn’t been returned yet, and chances that it will be are slim.

The hacker used multiple transactions to drain the funds and later used a multichain bridge to transfer the stolen funds from the BNB Smart Chain to Ethereum. Soon after Euler Finance announced a $1 million bounty against the hacker, the stolen funds were seen being moved into a crypto mixer called Tornado Cash.

In an attempt to retrieve the funds, Euler Finance demanded that the hacker return 90% of the stolen funds within 24 hours to avoid possible jail time. While the recent return of 3,000 Ether is a positive development, it remains to be seen whether the hacker will return the entire loot. Immediately after the news broke, Euler’s EUL token is currently trading at around 3.5 USD, up over 100% in just 24 hours.

DeFi hacks have become a growing concern in the cryptocurrency industry, and this incident highlights the need for tighter security measures. Euler Finance’s response to the attack, including the announcement of a bounty and demand for the return of the stolen funds, shows that companies are taking these incidents seriously and are willing to take action to protect their customers’ funds.

Lazarus Group Suspected to be Behind Euler Finance Hack

A recent discovery by Lookonchain has revealed that the wallet address controlled by the Euler Finance hacker has sent 100 ETH to a wallet used by the infamous Lazarus Group to hack Ronin last year. This move has raised suspicions that the Lazarus Group may be the mastermind behind the theft of the lending protocol’s funds or that they have some murky connection here.

Lazarus Group is a name that has become familiar in the crypto industry in recent times, having been accused by the US Department of Justice of being the mastermind behind the Ronin Bridge attack, which caused damages of up to $625 million, and being a suspect in the $100 million Horizon Bridge security incident in June.

Meanwhile, Euler Finance was hit by a flash loan attack on March 13, causing losses of up to nine figures and making it the most serious DeFi hack of 2023 to date, affecting many other projects as well. After the incident, Euler offered a $1 million bounty as a reward for the attacker’s capture and return of the stolen funds. The hacker even returned 100 ETH to someone claiming to be a victim of the attack who lost 78 ETH.

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This article was republished from azcoinnews.com