$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 siphoned nearly $200 million worth of crypto from the platform has returned the stolen assets.
On March 13th, 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 4th, the startup behind the decentralized finance (DeFi) platform says the attacker finally gave back all recoverable 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 professionals, law enforcement, and community volunteers.”
Euler says 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 the negotiations were ongoing.
“As others have pointed out, the Euler recovery is a reminder to all would-be black hats that it is very difficult to remain anonymous online if there’s a sufficiently skilled and motivated group of people looking for you.”
The platform says that since the community investigation is now over and the stolen funds were given back as promised, the $1 million bounty it previously offered for information about the attacker will no longer be available.
“Since the exploiter returned funds as promised, the $1 million rewards campaign will no longer be accepting information.”
Euler says it is now focusing on claims and is set to present a proposal for restoring user funds in the coming days.
“All energy has now turned to making sure affected users can claim back their share of the recovered assets as soon as possible.
The Euler community and affected users have already begun developing a plan for this, which Euler Labs will help contribute to.”
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Author: Rhodilee Jean Dolor
