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Euler Finance Cyber Attack Hackers Returns $165k to Victim

The fact that the hackers returned the money has led many to believe that the hacking was not perpetrated by a state-sponsored group.

Ashish Khaitan by Ashish Khaitan
March 17, 2023
in Firewall Daily, Hacking News
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Euler Finance Cyber Attack
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The Euler Finance cyber attack incident witnessed an unexpected development after the hacker, who stole over $190 million worth of digital assets from the crypto lender, returned 100 ETH ($165k) to a victim.

In a post, Hudson Rock Co-founder and CTO Alon Gal shared images featuring the on-chain interactions between the hacker and the victim, as well as the transfer of 100 ETH.

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“Hacker behind the $190,000,000 Euler hack returns 100 ETH ($165k) to a victim who begged for their money back in an on-chain message,” read the post.

Such incidents are rare in the cybercrime world, and the fact that the hackers returned the money has led many to believe that the hacking was not perpetrated by a state-sponsored group such as North Korea and likely not even as part of a group of hackers.

For the unversed, over the past few days, the crypto world has been buzzing with news of the Euler Finance cyber attack, in which the hacker stole $197 million worth of digital assets.

The hack involved multiple tokens, including DAI, WBTC, USDC, and stETH. The attacker’s ETH wallet was being tracked, making it difficult for the perpetrator to move the stolen funds around and convert them to a usable form.

However, the threat actors later began laundering the proceeds through the sanctioned cryptocurrency mixer Tornado Cash, making it difficult to track.

Euler Finance cyber attack: Bad guys doing good deeds?

The hacker returning the money to a victim suggests that they may not be as ruthless as initially thought. This is not to say that they will return the full $197 million, but it does open the door to negotiation and the possibility of recovering the stolen funds.

Euler Labs, the startup behind Euler Finance, is currently engaging with security professionals and law enforcement agencies to help track down the hacker.

They have also sent an ultimatum to the flash loan attacker, demanding the hacker return 90% of the stolen funds within 24 hours or face legal consequences. However, many observers have noted that the hacker needs more incentive to follow through with the deal.

However, the stolen funds being laundered through Tornado Cash is a cause for concern.

Tornado Cash is a decentralized mixer that allows users to mix their Ethereum to make it more anonymous. This makes it difficult to track the stolen funds and recover them.

Euler Finance cyber attack and the rise of crypto hackers

The recent cyber attack on Euler Finance, a cryptocurrency lending protocol, highlights the growing threat of hackers targeting the crypto industry.

The attack saw the theft of $197 million worth of various digital assets, including DAI, WBTC, USDC, and stETH. Although the attacker has returned a small portion of the stolen funds, the majority of the funds remain unrecovered, and the incident has raised concerns over the security of the crypto industry.

The Euler Finance hack is not an isolated incident. There have been several high-profile crypto hacks in recent months, totaling $3.8 billion in loss in 2022.

October 2022 witnessed the highest number of cryptocurrency hacks in a single month, with a total of 32 separate attacks leading to the theft of a staggering $775.7 million worth of digital assets.

The study indicates that the trend of cryptocurrency theft continues to rise, with hackers becoming more sophisticated in their attacks and exploiting vulnerabilities in crypto platforms to gain access to users’ funds.

To combat the growing threat of crypto hacks, crypto companies must invest in robust security measures.

This includes regularly auditing their systems for vulnerabilities, implementing multi-factor authentication, and ensuring that user funds are held in secure, offline wallets.

Additionally, regulators must take a more proactive approach to regulating the crypto industry, including enforcing strict security standards and cracking down on illegal activities such as money laundering and fraud.

NOTE: The above information is provided for informational purposes only and is yet to be verified by The Cyber Express. Any reliance on such information is at the user’s own risk. For any queries related to the content, please contact us at [email protected] 

The Cyber Express will not be liable for any errors or omissions in the information provided, or for any actions taken by users based on such information until it is verified.

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Tags: Crypto hackersdata breachEuler Finance Cyber Attack
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Ashish Khaitan

Ashish Khaitan

Ashish is a technical writer at The Cyber Express. He adores writing about the latest technologies and covering the latest cybersecurity events. In his free time, he likes to play horror and open-world video games.

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