The hacker who targeted the decentralized financial (DeFi) protocol Euler Finance in mid-March is still making it to the headlines. His unusual behavior has caught the attention of the entire cryptocurrency industry.
This time, he caught the attention of the crypto market returning a great number of ETH tokens he had stolen from the Euler Finance protocol.
As the hacker returned a great number of funds to Euler Finance, the situation became promising for the native token on the protocol, EUL.
Hacker Made Two Transactions
A few days back, the hacker reportedly returned a great number of stolen ETH tokens. The hacker sent the funds back in two transactions.
According to the on-chain data analytical firms, the funds that the hacker returned were over $100 million.
It was on March 13, when the protocol ended up facing a flash loan attack. As a result of the attack, the protocol lost DAI, wBTC, stETH, and USDC. As communicated by the executives, the total valuation of the stolen funds stood at $198 million.
According to the investigation teams, the potential for the hack was present for more than eight months. However, the team did not do anything to fix the flaw, which was eventually exploited by the hacker.
Initial Offering by Euler Finance
As the hack took place, the teams started to get to the bottom of the hack. They established that the hackers had exploited the flaw in their protocol and it was almost impossible to recover the funds.
However, the Euler Finance team made an unusual request, requesting the hackers to return the funds and asking them to keep 10% of the stolen funds. This would leave the hackers with almost $20 million, sending the rest of the funds back.
The initial offer was rejected by the hacker and they started to launder the funds. The hackers reportedly used the TornadoCash protocol to carry out their illicit activities.
Later Announcement by Euler Finance
Later, the teams at Euler Finance announced that the hackers had contacted them and had decided to form an agreement. They demanded that the hacker demanded a safe passage in return for the funds.
Since then, the hacker has started returning the funds and things have started getting better for the protocol.
Ever since the announcement of the protocol, the EUL toke has started witnessing a surge in its trading value. The data suggests that the value of the token has surged over 35% in the past 24-hours.
This is a great push for the asset and the analysts are predicting that the asset’s price may surge to the pre-exploit time. So far, the hacker has returned more than $104 million worth of tokens.