An unknown user sent a transaction to a hacker who hacked the Euler Finance DeFi protocol with a request to return lost funds.
🚨For anyone who gets affected by the #Euler hack, watch this:
Someone(0x2a) sends a message to the hacker saying his life-saving (78 $ETH) is in @eulerfinance.
The hacker then sends him 100 $ETH.
If 0x2a is being honest, it made extra 22 $ETH back.https://t.co/esoHOofXM0 pic.twitter.com/n6iEa4PKpB— 0xScope (🪬 . 🪬) (@ScopeProtocol) March 16, 2023
He wrote that his “vital savings” of 78 ETH (~$128,500 at the time of writing) were on the platform when the incident occurred.
After a while, the hacker sent 100 ETH (~$164,775) to the user’s wallet.
On March 13, an attacker exploited Euler Finance’s instant loan facility by posting unsecured collateral. As a result, the hacker managed to liquidate the debt and withdraw assets worth $196 million from the platform.
After a while, the protocol team disabled the vulnerable EToken module. The project notified US and UK law enforcement of the hack.
Euler Finance also turned to the analytical companies Chainalysis and TRM Labs with a request to help in the investigation. According to Sherlock’s audit team, the vulnerability went undetected for eight months.
Euler later offered the hacker to return 90% of the stolen funds within 24 hours. Otherwise, the protocol will offer a $1 million reward for any information leading to the attacker’s arrest.
Recall that in February 2023, DeFi projects lost $21.4 million as a result of seven hacks. According to DeFi Llama, the $8.5 million exploit of the Platypus Finance protocol was the largest in terms of losses.
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