04-05-2023 icon

Euler Labs Phisher Reimburse Retrievable Funds in all Entirety– Timeline

By Lucy Adegbe

Following the swindling of $196 million in uncollateralized loan exploitation, Euler Finance has succeeded in persuading its phisher to reimburse a significant portion of the funds. The conclusion was reached after a series of back-and-forths for exactly three weeks and two days, finally directing the hack mastermind to act in good conscience.

On March 13th, the Euler Finance phisher executed diverse transactions, each of which sapped millions of funds in diverse token equivalents like the DAI token and the staked Ethereum token, alongside the wrapped BTC.

Consequently, Euler’s aggregate worth stocked in its crypto contracts has plunged from an estimated $311 million to $10.37 million. Eventually, about 11 trustless finance platforms, such as Balancer and Yield Finance, either restricted or lost monetary assets. 

As of March 14, Euler commenced bold actions to retrieve the stolen funds, halting its powerless etoken unit and contribution operation as the initial process. Also, it operated with survey firms to trace back the fundamental cause of the phishing action.

Euler later tried to communicate with the phisher to strike a bounty deal. Afterwards, the protocol officials emphasized that the phisher reimburse exactly 90% of the stolen funds or there would be a public reward of $1 million to whosoever provided credible information that would expose the phisher.

The phishing mastermind, as reported, commenced moving the funds without pressure, with a victim receiving 100 Ether after persuading the phisher that all of his life’s funds were taken away during the phishing scam.

In exactly three weeks and two days after the scam, the phisher was published by the platform to have reimbursed all stolen funds, with its last reimbursement recording 12 million DAI 10,580 ETH.