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25 Mar 2023

Euler hacker returns 58,737 ether worth about $102 million

The Euler Finance exploiter has returned 58,737 ether to the DeFi lending protocol. The returns were in two installments, one of 51,000 and another of 7,737 ether.

Euler lost $197 million in a flash-loan attack on March 13. The euler token price is up 43% to $3.76, according to CoinGecko. 

The exploiter previously returned 3,000 ether on March 18, worth about $5.4 million at the time. 

Euler attack

The Euler exploiter originally drained $136 million of staked ether, $34 million of USDC, $19 million of wrapped bitcoin and $8.7 million of DAI from the protocol.

The perpetrator borrowed large amounts of funds and drained them from the protocol. Euler Labs, the developer of the protocol, has been working with security professionals and law enforcement since. 

Flash loans have become a popular tool for exploiters. The method allows borrowers to access large amounts of funds without providing collateral. Flash loans are high risk, as the borrower must repay the loan within a short time frame.

Story updated with details of original attack and latest return.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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