Euler Finance Has A Million Dollar Offer, Find for Whom?

• After almost $200 million of exploitation Euler Finance is offering $1 million reward.
• According to on-chain messages from Euler’s deployer contracts, the developers opened up about their offer.

On Monday, a nearly $200 million exploit occurred on the decentralized lending protocol, Euler Finance. And as an investigation purpose, Euler offered a $1 million reward for information about the attackers behind its exploit.

Euler’s Developer Statement

Euler suffered an exploit on March 13 that resulted in nearly $200 million being lost over 4 transactions in Dai (DAI), Wrapped Bitcoin (WBTC), Staked Ether (sETH), and USDC. The exploiter used a flash loan to direct the attack by temporarily tricking the protocol into falsely assuming it held varying amounts of eToken and dToken.

According to an on-chain message from Euler’s deployer contracts, the developers said, “Following up on our message from yesterday. If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information that leads to your arrest and the return of all funds,” CoinDesk reported.

The move followed another message to the exploiters late on Monday. “We understand you are responsible for this morning’s attack on the Euler platform. We are writing to see whether you would be open to speaking with us about any potential next steps,” developers added.

According to CoinMarketCap data, Euler’s native EUL tokens continued sliding for the second day, falling 18% in the past 24 hours.

Euler’s Updates on Twitter

As the blockchain security and data analytics company, PeckShield Inc. shared a tweet on Monday and cited Euler “to take a look.” in response, Euler added that “they are aware about the happening.”

Yesterday, Euler said they continue to investigate the unlawful extraction of funds from its protocol. It added “Euler Labs team has taken several immediate actions to attempt to recover the funds and identify exactly what happened, including contacting and sharing information with law enforcement, and working with independent third-party auditors and security firms.” Euler also mentioned that their priority is “recovering funds for Euler protocol users.”

In the recent tweet by Euler Labs, it updated “a few actions.” At first they added that “they stopped the direct attack as soon as possible by helping disable the EToken module, which blocked deposits and the vulnerable donation function. Then, engaged TRM Labs, Chainalysis, and the broader ETH security community to help with the investigation and work to recover funds. And finally, notified and shared the info with US and UK law enforcement.”

Moreover, on February 27, Euler noted in its official blog that “Euler is going multichain. This recent development reflects Euler’s commitment to increasing access to open and fair financial tooling.” After this, Euler will be available to a wider number of users who can transact with more assets.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)