Decentralized lending platform Euler Finance was hacked on March 13, 2023, and approximately $197 million worth of cryptocurrency was stolen.
Euler Finance issued an ultimatum, demanding that the hacker return 90% of the stolen funds within 24 hours, or the company would offer a $1 million reward for any tips that would lead to the hacker’s identification and arrest. However, the hacker did not respond or return the requested amount, prompting Euler Finance to offer a reward to reach the hacker and recover the stolen funds.
The hacker returned 100 ETH to a random user who claimed to have lost their life savings in the hack.
However, the authenticity of their claim could not be verified. Although many users asked the hacker to return 90% of the stolen funds and keep the remaining 10% as a reward, the hacker did not comply with these requests. The stolen and returned amount in the Euler Finance case is indeed shocking, as it is rare for hackers to return the stolen funds.
According to a Chainalysis report, there may be a possible connection between the Euler Finance hack and the Axie Infinity Ronin Bridge hack, which was carried out by the North Korean Lazarus Group.
The group is known for stealing cryptocurrency from targeted exchanges, wallets, and personal computers and is believed to have helped support the North Korean economy with stolen cryptocurrencies. However, the report also suggests that the transfer of the 100 ETH could be a deliberate attempt to mislead authorities and frame the Lazarus Group.
The hacker’s unexpected decision to return the stolen funds raises questions about their motives and intentions behind the security breach.
It is unclear whether the hacker acted alone or was part of a group. Nevertheless, Euler Finance’s response to the hack and the hacker’s decision to return some of the stolen funds may set a precedent for future cyber attacks on cryptocurrency platforms.
