Euler Finance Starts Allowing Users Redeem Recovered Funds After The Hack

Key Points:

• Euler Finance has now given Redeem users the funds lost in last month’s hack.
• Users can begin redemptions for recovered assets on Wednesday at 02:00 UTC.
• Previously, Euler had planned to return funds to users after the hacker received a $1 million bounty to return the stolen funds.

Euler Finance began redemptions for recovered assets to its customers on Wednesday at 02:00 UTC, letting users recoup the capital they had in the protocol over a month after it was hacked.

Customers may redeem their part of the recovered money, which totals 95,556 ETH and $43.06 million in DAI stablecoin, valued at around $226 million at current values.

As a result, depositors will be able to collect the remaining balances now held by the Euler Finance contract as original tokens in proportion to their deposit amounts vs. total market deposits. If the remaining balances exceed the total amount of deposits, each depositor will be entitled to collect the entire quantity of tokens.

On that day, on March 13, the lending protocol Euler Finance was assaulted by millions of dollars in alleged stolen funds. The study indicated that numerous cryptocurrencies, including stETH, USDC, DAI, and WBTC, were taken in the incident, with a total equivalent value of more than $197 million.

On April 4, Euler Labs claimed to have successfully retrieved all of the fund taken from the hacker on March 13. The $1 million collected via the Bounty Campaign launched fund will no longer be accepted since the attacker has already returned the cash.

The DeFi protocol revealed a user redemption scheme last week, in which the recovered monies would be used. The attacker earlier provided 1,100 ETH to Tornado Cash and 100 ETH to the Ronin attacker, with the remaining 100 ETH being returned to the user directly by the attacker, with the user remitting 12 ETH to the Euler DAO vault.

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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Harold

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