•Euler Finance was attacked by a hacker who stole $196 million worth of funds.
•The hacker has begun to move the funds into a crypto mixer, Tornado Cash, only hours after a $1 million bounty was launched to uncover their identity.
•The hacker also refunded at least one victim, leading to messages from other purported victims.
$196 Million Euler Attack
A hacker recently attempted to steal $196 million worth of funds through an attack on noncustodial lending platform Euler Finance. The attacker began moving the stolen funds into a crypto mixer, Tornado Cash, only hours after a $1 million bounty was launched to uncover their identity.
Bounty For Hacker’s Identity
In response to the attack, Euler Labs launched a $1 million reward for information leading “to the Euler protocol attacker’s arrest and the return of all funds.” Blockchain analytics firm PeckShield then tweeted that the exploiter behind the flash loan attack was “on the move” and had transferred 1,000 Ether (ETH), approximately $1.65 million, through sanctioned crypto mixer Tornado Cash.
Victim Refunds
Before transferring the funds, it appears that the hacker refunded at least one victim with 100 ETH — worth around $165k at current prices — leading to messages from other purported victims asking for their money back as well.
No Response To Amnesty Offer
It seems that despite sending an on-chain message offering an amnesty deal if 90% of stolen funds were returned within 24 hours, there has been no response or action taken by the hacker in regard to this offer. This could indicate that they are not willing to negotiate with Euler Labs and will continue attempts at moving or laundering their ill-gotten gains through cryptocurrency mixers such as Tornado Cash instead.
Conclusion
This latest incident highlights just how vulnerable decentralized finance protocols can be and how difficult it is for authorities to track down hackers and retrieve stolen funds once they have been moved off-chain through cryptocurrency mixers such as Tornado Cash. It remains unclear what further steps will be taken in order to try and reclaim some of these funds or identify those responsible for this attack on Euler Finance.