On March 18, Euler Finance, a decentralized finance (DeFi) platform, obtained a shocking present from the hacker who had drained $197 million from the platform just some days earlier. The attacker returned 3,000 ETH ($5.4 million) to Euler Finance’s deployer handle, citing a change of coronary heart.
The assault on Euler Finance, which occurred on March 15, was one of many greatest DeFi hacks of 2023 thus far. The attacker was in a position to drain $197 million by means of a number of transactions and later used a multichain bridge to switch the funds from the Binance Sensible Chain (BNB) to Ethereum. The stolen funds had been then moved into Twister Money, a crypto mixer that anonymizes transactions.
In response to the hack, Euler Finance introduced a $1 million reward to anybody who may assist observe down the hacker and retrieve the funds. The platform additionally demanded that the hacker return 90% of the funds inside 24 hours to keep away from potential jail time.
It’s unclear why the hacker returned the funds, however it might have been because of the stress from the $1 million bounty or the concern of getting caught. This isn’t the primary time a DeFi hacker has returned stolen funds. In July 2022, the attacker who stole $600 million from Poly Community returned the funds and even obtained a job supply from the corporate.
DeFi hacks have gotten extra widespread because the business grows and attracts extra consideration from hackers. In line with CipherTrace’s 2023 DeFi Decentralized Trade (DEX) Report, DeFi hacks have already surpassed $1 billion in 2023. To stop such assaults, DeFi platforms are investing in higher safety measures and insurance coverage insurance policies.
The return of the funds to Euler Finance could come as a reduction to the platform and its customers, but it surely additionally highlights the necessity for higher safety measures within the DeFi business. Because the business continues to develop and mature, it’s seemingly that we’ll see extra hacks and exploits, however hopefully, we will even see extra profitable recoveries and stronger safety measures.
