Key Points:
As previously updated, Euler Finance, a decentralized finance (DeFi) protocol that provides on-chain lending was hacked with up to $197 million in damages.
Lazarus Corporation is behind the $625 million mining of Axie Infinity’s Ronin network in March 2022. In addition, this notorious hacker group is also suspected of being involved in many other DeFi hacks in 2022.
The US Treasury Department added Lazarus Corporation to its list of designated entities in April. In January, the Federal Bureau of Investigation (FBI) said the Lazarus Group and North Korea’s APT38 hacking team were responsible for the $100 million theft of crypto assets from Horizon Bridge.
It is not clear whether the Lazarus Group is behind the attack or if there is any connection between them and the mining organization Euler Finance.
In a series of tweets released today, Euler Labs CEO Michael Bentley described the “toughest day” of his life after Euler was hacked.
He retweeted a message shared by a user saying that Euler had 10 audits from 6 different companies and commented that the platform has “always been a privacy-conscious project.”
Euler Finance has requested the return of 90% of the stolen funds within 24 hours. Otherwise, the perpetrator will face legal consequences. That means the hacker can keep $19.6 million. However, there still needs to be a response from the hacker.
The project also sought support from the community with the announcement of a reward of $1 million for anyone who finds the hacker’s clue.
The token has dropped over 70% since the hack from $6.1 to $1.9 at the moment.
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.
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