The cryptocurrency industry has been the victim of numerous hacks and scams. The community has witnessed hackers taking advantage of the slightest vulnerabilities in various projects to steal a large sum of money. In 2022, the largest amount of cryptocurrency assets lost due to hacks occurred.
Also read: PeopleDAO Community Treasury Breached: 76 ETH Lost
While the Axie Infinity hack was considered to be the largest one in 2022, Euler Finance earned its place as the largest hack in 2023. The DeFi realm witnessed a flash loan attack on Euler Finance, a cryptocurrency lending platform. The platform lost over $196 million in the attack.
However, recent on-chain data shared by PeckShield reveals that the hacker has returned some stolen funds.
👀 https://t.co/4OBksAu9od pic.twitter.com/Zb3MIyex2f
— PeckShield Inc. (@peckshield) March 18, 2023
Euler Finance hacker returns 3000 Ether
According to the latest on-chain data, the hacker has returned 3,000 ETH to the deployer address of Euler Finance. According to the details, three transactions related to the return of funds were identified by the on-chain analyst.
The Euler Labs team had also announced a $1 million reward to anyone who helped identify the culprit and helped in the return of all the stolen funds. However, it is unclear at the moment whether the hacker will return all $197 million.
Today the Euler Foundation is launching a $1M reward in the hope that this provides additional incentive for information that leads to the Euler protocol attacker’s arrest and the return of all funds extracted by the attacker.
— Euler Labs (@eulerfinance) March 15, 2023
Nevertheless, the hacker was quick enough to move the funds to Tornado Cash to conceal the origin of the funds. The attacker carried out the hack in multiple transactions to loot USDC, DAI, staked Ether, and wrapped bitcoin.
The news comes at a time when the cryptocurrency market is doing decently well even though the banks are collapsing one by one. The hack also didn’t affect the prices of cryptocurrencies in any way.