On March 18, Euler Finance, a decentralized finance (DeFi) platform, received a surprising gift from the hacker who had drained $197 million from the platform just a few days earlier. The attacker returned 3,000 ETH ($5.4 million) to Euler Finance’s deployer address, citing a change of heart.
The attack on Euler Finance, which occurred on March 15, was one of the biggest DeFi hacks of 2023 so far. The attacker was able to drain $197 million through multiple transactions and later used a multichain bridge to transfer the funds from the Binance Smart Chain (BNB) to Ethereum. The stolen funds were then moved into Tornado Cash, a crypto mixer that anonymizes transactions.
In response to the hack, Euler Finance announced a $1 million reward to anyone who could help track down the hacker and retrieve the funds. The platform also demanded that the hacker return 90% of the funds within 24 hours to avoid possible jail time.
It is unclear why the hacker returned the funds, but it may have been due to the pressure from the $1 million bounty or the fear of getting caught. This is not the first time a DeFi hacker has returned stolen funds. In July 2022, the attacker who stole $600 million from Poly Network returned the funds and even received a job offer from the company.
DeFi hacks are becoming more common as the industry grows and attracts more attention from hackers. According to CipherTrace’s 2023 DeFi Decentralized Exchange (DEX) Report, DeFi hacks have already surpassed $1 billion in 2023. To prevent such attacks, DeFi platforms are investing in better security measures and insurance policies.
The return of the funds to Euler Finance may come as a relief to the platform and its users, but it also highlights the need for better security measures in the DeFi industry. As the industry continues to grow and mature, it is likely that we will see more hacks and exploits, but hopefully, we will also see more successful recoveries and stronger security measures.
Credit: Source link
Leave a Reply