On April 12, Ethereum-based non-custodial lending protocol Euler Finance announced that it would open refunds after the hacker returned the vast majority of the payments. assets stolen in flash loan attack of USD 197 million last month.
Euler says it will refund all liabilities from the subaccounts in the block that the protocol was deactivated on March 13. The on-chain price oracle, provided by Uniswap or Chainlink, will determine the Ether (ETH) value of assets and liabilities. The company explained:
“Markets that have bad debt in excess of reserves (a few long-tail markets that suffered from oracle attacks) will have the bad debt distributed proportionally among the depositors in the market.”
Euler has created a smart contract containing funds for all affected addresses, with an embedded Merkle tree. For refunds to be processed, user addresses have to pass Merkle’s proof of validity and “an acceptance token that is computed individually for each account, confirming that the account holder agrees to the terms and conditions.” conditions”.
On April 4, Euler Finance hacker returned almost all funds recoverable after receiving an ultimatum from the project developers to return 90% of the stolen assets or face legal action. After a brief lag in communication, Euler issued a $1 million reward for information leading to the whereabouts of the stolen funds and the identity of the hacker, prompting the hacker to return the assets. Furthermore, a user convinced the hacker that he had lost his life savings to the exploit, prompting the hacker to return 100 ETH to the individual, who subsequently donated 12 ETH to Euler’s treasury.
Redemptions open at 2:00 UTC.
Check your redemption numbers: https://t.co/fAJr5Qdv1w
Check out the redemption plan: https://t.co/riAcyz8Wf0
—Euler Labs (@eulerfinance) April 12, 2023
A total of 95,556 ETH and 43 million of the DAI stablecoin have been recovered, an amount higher than the initial total stolen due to the rise in the price of Ether in the last month. Additionally, 1,100 units of the stolen Ether tokens were deemed unrecoverable after the hacker sent the coins to cryptocurrency mixer Tornado Cash.
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