Key Points:
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.
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