The price of EUL, the native token of Euler Finance protocol, has started the week on a bullish trajectory. At press time, EUL was trading at $3.73, up by 5.70% in the past 24 hours. The token has hit a daily high of $3.8.
EUL had dropped considerably after a hacker stole $196 million worth of tokens from Euler Finance. The token has already surged to its pre-hack levels.
Why is Euler price rising?
The hacker behind the $196 million hack has returned a majority of the stolen funds. The hacker returned 3,000 ETH tokens worth about $5.4 million on March 18, and another 51,000 ETH tokens worth about $90 million on March 25.
The hacker had stolen 34.4 million USD Coin (USDC), 8.89 million DAI, 85,690 stETH, and 849 WBTC tokens.
So far, the hacker has returned about half of the total amount of tokens he had stolen from the protocol.
Euler Labs, the startup behind the Euler Finance project had issued a $1 million bounty recovery fund for anyone with information about the hacker.
Hacker still holding onto some ETH and DAI tokens
Currently, the hacker is still holding onto $43 million worth of DAI and $73 million worth of ETH.
It is not yet clear why the hacker decided to return part of the funds. The Euler community is waiting to see if the hacker will return more tokens especially after news of mixing the stolen funds on Tornado Cash emerged last week. There is, however, information that Euler and the hacker are negotiating through on-chain messaging.
Besides the bounty, Euler Labs also promised to give the hacker 10% of the stolen funds if he/she returned all the funds.
Source: https://invezz.com/news/2023/03/27/eul-price-surging-after-major-euler-protocol-news/