Euler Finance May Launch $1M Reward Following $200M Hack: Seeking Recovery and Justice

Following a devastating $200 million exploit, Ethereum-based noncustodial lending protocol Euler Finance is taking decisive action. Euler Finance, a decentralized finance (DeFi) platform for borrowing and lending cryptocurrencies, is demanding the return of $196M stolen funds or faces legal consequences. To expedite the recovery and bring the perpetrators to justice, Part of the 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 its most recent message to the flash loan attacker, Euler Finance has issued an ultimatum. It also promised to place a $1 million bounty on the attacker. The platform took to Twitter Monday night to announce that the hackers are being actively pursued. The $1M reward aims to incentivize informants to come forward with information leading to the identification and arrest of the individuals responsible for the attack.

The Stakes: $176.4 Million Recovery Expected

The situation is complex. Return of 90% of the funds would mean that the hacker is expected to send $176.4 million out of the $196 million. This would let the attacker hold on to the $19.6 million. Euler Finance demands the return of $196M stolen funds or faces legal consequences.

On-Chain Recovery Attempts and the Aftermath

On-chain Recovery took a maddening three weeks in which the hacker sent some crypto to North Korea, some to a purported Euler user who said they’d lost their life savings in the wake of the exploit. The incident highlights the vulnerabilities within the DeFi space and underscores the importance of robust security measures. The outcome of Euler Finance's pursuit will undoubtedly set a precedent for future DeFi hacks and recovery efforts.