Euler Finance to Offer $1M Reward as It Reels From Nearly $200M Exploit
Euler has sent multiple on-chain messages to the attacker in the past 48 hours.
Mar 15, 2023 at 5:39 a.m. UTCUpdated Mar 15, 2023 at 3:25 p.m. UTC
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Decentralized lending protocol Euler Finance will offer a $1 million reward for information about the attackers behind its nearly $200 million exploit that occurred Monday.
- In on-chain messages sent from Euler's deployer contracts, 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."
- The move followed another message to the exploiters in late U.S. hours on Monday. "We understand that 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 said.
- The lending protocol suffered an exploit on Monday that resulted in almost $200 million being lost over four transactions in dai (DAI), wrapped bitcoin (wBTC), staked ether (sETH) and USDC.
- The attacker used a flash loan to conduct the attack by temporarily tricking the protocol into falsely assuming it held varying amounts of eToken and dToken, as CoinDesk explained.
- Euler's native EUL tokens continued sliding for the second day, falling 16% in the past 24 hours, CoinGecko data shows.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.