News

Euler Finance To Launch User Redemption Plan

Key Points:

  • Euler Finance announced a user redemption plan in which the recovered funds totaled about 95,556 ETH and 43.06 million DAI.
  • The unrecovered funds included the fund which the attacker sent to Tornado Cash and Ronin attacker.
  • Euler plans to repay all liabilities at the block height when the protocol is disabled.
DeFi lending protocol Euler Finance announced a user redemption plan following a severe attack last month.
Euler Finance To Launch User Redemption Plan 2

The fund recovered totaled around 95,556 ETH (95,556,36059211764 ETH) and 43.06 million DAI (43,063,729.35 DAI).

The attacker delivered a total of 1,100 ETH to Tornado Cash and 100 ETH to the Ronin attacker, and the remaining 100 ETH was returned to the user directly by the attacker, and the user remitted 12 ETH to the Euler DAO vault.

The DAO vault address also has about 3.5 million (3,396,964) USDC and 1 million (1,007,321) DAI in insurance payments through the Sherlock protocol.

Euler Finance intends to repay all liabilities when the protocol is disabled for each sub-account, at which point the on-chain oracle price (Uniswap or Chainlink, depending on the market) defined in the smart contract is used to determine the ETH value of assets and liabilities, and each asset of the account (non-collateral) is used proportionally to service the liability.

The overall equity will be calculated by adding all account equity, and each account will be entitled to claim the recovered ETH, DAI, and USDC in proportion to its part in the total equity. If the recovered amount is more than the entire net asset value, the surplus will be allocated among users pro rata.

On March 13, Euler Finance was victimized by a flash loan exploit, which robbed the protocol of $196.9 million in multiple cryptocurrencies.

Shortly after, the attackers transmitted part of the coins to the Tornado Cash mixing service, defying Euler’s demand for the money’s return and taking advantage of a $1 million reward for information leading to the hackers’ identification and arrest.

The hackers responsible for the roughly $200 million assault on the protocol, according to Euler Finance, have refunded all recoverable money.

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

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

13 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

36 minutes ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

1 hour ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

This website uses cookies.