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DeFi Lending Protocol Euler Finance Receives Partial Fund Return Following $197M Hack

Over the weekend, the hacker responsible for stealing $197M from Euler Finance, a decentralized finance (DeFi) lending protocol, gave back 3,000 ether worth approximately $5.4M to the protocol, potentially indicating that a deal had been reached, according to the blockchain sleuth ZachXBT tweets.

Our reports mentioned, On Tuesday, Euler Finance offered a reward worth 10% of the stolen funds, equivalent to $19.7 million, to the scammer in exchange for the return of the rest 90% of the pilfered assets. If the money were not paid back within 24 hours, Euler Finance had threatened to launch a $1M reward program to gather information leading to the arrest of the hacker and the return of all stolen funds. The attacker managed to siphon off funds from the protocol, including $136 million worth of staked ether (stETH), $34 million worth of USDC, $19 million worth of wrapped bitcoin (WBTC), and $8.7 million worth of DAI.

In an effort to conceal the stolen funds, the attacker transferred 1,100 ether, equivalent to $1.8 million, to the crypto mixer known as Tornado Cash. However, it appears the attacker stopped at 3,000 ETH, leaving many to speculate if this was simply another attempt at trolling.

It remains unclear if the attacker returns the remaining funds. Meanwhile, the DeFi community has been calling for stronger security measures in the DeFi space. Euler Finance has promised to implement measures to prevent future attacks and will conduct a security review of its platform.

The incident highlights the importance of security measures and regulations in the DeFi space. As the DeFi space grows, protocols must take proactive steps to prevent attacks and safeguard user funds. The community is watching closely to see how Euler Finance will prevent future attacks and what steps other protocols will take to secure their platforms.

While the DeFi space has gained traction over the past year, it has also seen a rise in hacks and exploits. This has resulted in a loss of millions of dollars in user funds, threatening the credibility of the space. Protocols need to prioritize security and take proactive measures to ensure the safety of user funds.

The DeFi community hopes this incident will serve as a wake-up call for protocols to prioritize security and work towards creating a safer DeFi ecosystem.

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