The scammer behind the recent $200M exploit on Euler Finance has returned 51,000 stolen Ether, worth almost $90 million, to the protocol. The move caused Euler’s indigenous EUL tokens to surge 47%, with a 25% increase occurring in the last 24 hours, media reports said.
Euler Finance offered a reward of $1 million to incentivize the hacker to return the stolen funds. While the developers had initially requested the return of 90% of the stolen funds, the return of 51,000 Ether was worth almost $90 million, is still considered a substantial amount.
In a recent attack on Euler Finance, the hacker used a flash loan to deceive the protocol into thinking it had different amounts of eToken and dToken. This resulted in almost $200 million lost over four transactions involving Dai, wrapped Bitcoin, staked Ether, and USD Coin.
The return of the stolen funds is a significant relief for Euler Finance, which has been working to recover from the hack. However, according to blockchain data, the hacker also made several other transactions, transferring tens of millions of Dai stablecoins to another wallet. Whether the hacker will return any of the remaining stolen funds remains unclear.
Nevertheless, the positive sentiment generated by the return of the Ether has sparked renewed interest in Euler Finance and its native token, EUL. The protocol has emphasized its commitment to security, stating that it will continue to improve its security measures to prevent future attacks.
The incident highlights the growing need for robust security measures in the DeFi space, as more funds and assets are locked in DeFi protocols. While DeFi offers the potential for greater financial freedom and accessibility, it also carries significant risks, as seen in the Euler Finance hack.
