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News

Euler Finance Offers Hacker $20M To Avoid Legal Action

March 15, 2023 - Around 2 mins mins to read

Key Points:

  • Euler Finance has issued a request to a hacker who recently stole $196m from its platform.
  • Euler Labs has stated that it is working with law enforcement agencies in the United States and United Kingdom, as well as blockchain intelligence platforms Chainalysis, TRM Labs and the broader Ethereum community to track down the hacker.
Euler Finance, which operates on the Ethereum network, has issued a request to a hacker who recently stole $196m from its platform.
Euler Finance Offers Hacker 20M To Avoid Legal Action

Euler Finance has demanded that 90% of the funds stolen are returned within 24 hours, or the perpetrator will face legal consequences. On 14 March, Euler Labs sent a message to the hacker, attaching 0 Ether (ETH) and warning that if the funds are not returned within 24 hours, the firm will offer a $1m reward for information leading to the hacker’s arrest and the return of all funds.

Euler Labs had previously approached the hacker, saying: “We understand you are responsible for this morning’s attack on the Euler platform. We are writing to see whether you would be open to discussing any potential next steps.” The 90% fund return would see $176.4m returned, with the hacker keeping $19.6m.

However, many have noted that the hacker has little incentive to comply with Euler Finance’s demands. “If I was the hacker I’d simply say ‘to anyone who manages to track me down, I will give you $2m not to tell Euler’,” one observer said.

Euler Labs has stated that it is working with law enforcement agencies in the United States and United Kingdom, as well as blockchain intelligence platforms Chainalysis, TRM Labs and the broader Ethereum community to track down the hacker. The firm was able to stop the flash loan attack by blocking deposits and disabling the vulnerable donation function. Euler Finance added that the vulnerability in its smart contract audit was not discovered until eight months after it had existed on-chain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Ethereum network

Euler Finance

Euler Labs

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Euler Finance Offers Hacker $20M To Avoid Legal Action

Key Points:

  • Euler Finance has issued a request to a hacker who recently stole $196m from its platform.
  • Euler Labs has stated that it is working with law enforcement agencies in the United States and United Kingdom, as well as blockchain intelligence platforms Chainalysis, TRM Labs and the broader Ethereum community to track down the hacker.
Euler Finance, which operates on the Ethereum network, has issued a request to a hacker who recently stole $196m from its platform.
Euler Finance Offers Hacker 20M To Avoid Legal Action

Euler Finance has demanded that 90% of the funds stolen are returned within 24 hours, or the perpetrator will face legal consequences. On 14 March, Euler Labs sent a message to the hacker, attaching 0 Ether (ETH) and warning that if the funds are not returned within 24 hours, the firm will offer a $1m reward for information leading to the hacker’s arrest and the return of all funds.

Euler Labs had previously approached the hacker, saying: “We understand you are responsible for this morning’s attack on the Euler platform. We are writing to see whether you would be open to discussing any potential next steps.” The 90% fund return would see $176.4m returned, with the hacker keeping $19.6m.

However, many have noted that the hacker has little incentive to comply with Euler Finance’s demands. “If I was the hacker I’d simply say ‘to anyone who manages to track me down, I will give you $2m not to tell Euler’,” one observer said.

Euler Labs has stated that it is working with law enforcement agencies in the United States and United Kingdom, as well as blockchain intelligence platforms Chainalysis, TRM Labs and the broader Ethereum community to track down the hacker. The firm was able to stop the flash loan attack by blocking deposits and disabling the vulnerable donation function. Euler Finance added that the vulnerability in its smart contract audit was not discovered until eight months after it had existed on-chain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News