Euler Finance Lets Users Redeem Recovered Funds Following $200M Theft

Allowing customers to withdraw money after last month's incident is a relatively happy ending for a crypto exploit.

AccessTimeIconApr 12, 2023 at 3:12 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Decentralized lending platform Euler Finance opened up redemptions for recovered funds to its users Wednesday at 02:00 UTC, allowing users to claim the capital they have in the protocol almost a month after the protocol suffered a flash loan exploit.

Users are able to redeem their share of recovered funds, which stand at 95,556 ether (ETH) and $43 million of the DAI stablecoin, collectively worth about $223 million based on current prices. The price of EUL, the native governance token of the Euler Protocol, has increased 2.5% in the past 24 hours, but has slid 9.4% in the past week, per CoinGecko

Euler Finance suffered a $200 million exploit in March, and by April the protocol had successfully recovered most of the capital it lost. Reopening redemptions represents a positive ending for the saga, a fairly rare occurrence when protocols get exploited; for instance, the $625 million taken from Axie Infinity’s Ronin network, orchestrated by North Korea’s Lazarus Group, has not been returned, although Sky Mavis, the firm developing Axie, raised $150 million to reimburse users.

Several users in Euler's Discord have expressed gratitude and disbelief that they were able to retrieve their funds. A community member who goes by Fredda said, “I cannot believe I actually got my money back.” Another user called Holden wrote, “Thanks for getting this done so quickly and professionally. I didn’t imagine a month ago I’d be seeing a return of my funds.”

Edited by Nick Baker.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sage D. Young

Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about