Euler Labs Demands Stolen Funds Back Within 24 Hours
Euler Finance, an Ethereum-based lending protocol, is attempting to recover millions of dollars stolen by an attacker who exploited its platform for $196 million.
Euler Labs, the team behind the protocol, has given the attacker 24 hours to return 90% of the funds, or face legal consequences.
euler just sent an on-chain message to the hacker pic.twitter.com/0wKIW51NjM
— 0xngmi (@0xngmi) March 14, 2023
They have also announced a $1 million reward for information that leads to the arrest of the hacker and the return of all funds.
While some have questioned the efficacy of this approach, Euler Labs has already contacted law enforcement in the US and the UK, as well as blockchain intelligence platforms Chainalysis and TRM Labs, to help track down the attacker.
READ MORE: Bitcoin to Experience Meteoric Growth, Says Tim Draper
The team has also engaged with the broader Ethereum community to aid in the effort. Euler Finance has since blocked deposits and a “vulnerable” donation function to prevent further attacks.
However, the team has acknowledged that the vulnerability that allowed the attacker to exploit the platform was not discovered during an audit of the smart contract, which had been on-chain for eight months before the attack.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
