Euler Finance Token up 43% After Hacker Returns 51k Ether
Euler Finance has received a significant boost in the form of a 51,000 Ether contribution from its exploiter, according to Etherscan. This move has caused a 43% increase in Euler tokens, which are currently trading at $3.76. Euler Finance is a DeFi borrowing protocol that was previously exploited by an offender who stole $197 million in various cryptocurrencies. The offender took out a massive loan and spent all of the protocol’s money. Since then, the protocol’s creators at Euler Laboratories have been working with security experts and law enforcement to address the issue.
Hacker Responsible for Euler Finance Attack Signals Ethereum Address
The offender who exploited Euler Finance used a fast money loan, a popular method among exploiters to gain access to large sums of money without providing any security. However, this method also carries a greater risk due to the short repayment period. Euler Finance’s creators are taking steps to prevent similar incidents in the future, including increasing security measures and collaborating with industry experts.
The contribution by Euler Finance’s enabler is a positive development for the protocol, which has faced significant challenges in the past. The increase in Euler token prices also suggests renewed investor confidence in the protocol’s future prospects.
On March 20, the hacker responsible for the attack sent a signal to an Ethereum (ETH) address associated with the DeFi network. Following the issuance of an on-chain ultimatum, Euler demanded the recovery of the cash, and the hacker offered to begin a conversation.
Euler Finance Announces $1 Million Reward for Information on Defi Hack
In an effort to recover the stolen funds, Euler Finance made an offer to the hacker that they would receive 10% of the stolen sum of $200 million in exchange for restoring the remaining sum within 24 hours. However, after the hacker failed to comply, Euler Finance made a public announcement offering a reward of one million dollars for any information leading to the identification of the hack and the recovery of all money.
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Moreover, the attack on Euler Finance is just one of several high-profile DeFi attacks. These attacks have taken place in recent months, highlighting the need for better security measures in the space. As the DeFi ecosystem continues to grow, it will be crucial for developers and users to prioritize security and take proactive measures to prevent these kinds of attacks from happening in the future.
