DeFi Lender Euler Finance Opens Redemptions After $200 Million Flash Loan Attack

The DeFi protocol recovered a bulk of the $200 million in crypto stolen in March by unidentified hackers.Euler Finance opened redemptions for recovered assets, allowing users to access crypto they had deposited in the platform.The matter is a rare ending in DeFi as hacked protocols hardly ever recover stolen funds and usually rely on other means to reimburse affected users. Users of Euler Finance were greeted with rare news on Wednesday as the platform opened the path to reimbursement after an exploit in March.

Timeline of Euler-finance

Less than a month later after the decentralized crypto lending platform was exploited for roughly $200 million, Euler Finance has for the first time since the exploit allowed users to claim their capital.

Ethereum (ETH)-based decentralized finance (DeFi) protocol, Euler Finance has released the token redemption plan for users affected by the flashloan attack it suffered last month.  

After an arguably arduous back and forth with the threat actors of its exploit, Euler Finance has revealed that the recoverable funds worth roughly $31 million have been returned safely. Euler Finance, a decentralized finance (DeFi) platform for borrowing and lending cryptocurrencies, announced via Twitter that the hackers behind the roughly $200 million exploit on the protocol had returned "all of the recoverable funds.

After an arguably arduous back and forth with the threat actors of its exploit, Euler Finance has revealed that the recoverable funds worth roughly $200 million have been returned safely. Euler Finance, a decentralized finance (DeFi) platform for borrowing and lending cryptocurrencies, announced via Twitter that the hackers behind the roughly $200 million exploit on the protocol had returned "all of the recoverable funds.

In March 2023, 26 exploits resulted in a total loss of $211.5 million in cryptocurrency. One of the most significant exploits was the Euler Finance exploit, estimated to have caused losses of around $197 million.

On March 27, on-chain data reveals that the creator of the March 13 Euler Finance hack returned an additional $26.5 million in Ether to the Euler Finance deployer account. An address connected to the attacker sent 7,738.05 ETH, which was proven to be worth $13.2 million, to the Euler deployer account at 6:21 PM UTC.

The price of EUL, the native token of Euler Finance protocol, has started the week on a bullish trajectory. At press time, EUL was trading at $3.73, up by 5.70% in the past 24 hours. The token has hit a daily high of $3.8.

The hacker behind the $196 million exploit on lending protocol Euler Finance has returned the majority of the stolen assets, including 51,000 ETH and 7,737 ETH, worth a total of over $101 million at the time of writing. The hacker still controls some of the stolen assets, and the hack is considered the largest DeFi hack of 2023.

Euler Finance's native token, EUL, today soared over 25% as the hacker responsible for its attack earlier this month returned a majority of the stolen assets. The exploiter returned an additional 51,000 ETH to the network today, taking the total amount of reimbursed Ethereum to 58,737.

The $197-million Euler Finance exploit has been getting more dramatic with each passing day. More than 50% of the stolen funds have been returned as per the latest update on the biggest decentralized finance hack of 2023.