coinspress.com
Euler Finance, an Ethereum-based lending protocol, is attempting to recover millions of dollars stolen by an attacker who exploited its platform for $196 million.
Euler Labs, the team behind the protocol, has given the attacker 24 hours to return 90% of the funds, or face legal consequences.
euler just sent an on-chain message to the hacker pic.twitter.com/0wKIW51NjM
— 0xngmi (llamazip arc) (@0xngmi) March 14, 2023
They have also announced a $1 million reward for information that leads to the arrest of the hacker and the return of all funds.
While some have questioned the efficacy of this approach, Euler Labs has already contacted law enforcement in the US and the UK, as well as blockchain intelligence platforms Chainalysis and TRM Labs, to help track down the attacker.
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The team has also engaged with the broader Ethereum community to aid in the effort. Euler Finance has since blocked deposits and a “vulnerable” donation function to prevent further attacks.
However, the team has acknowledged that the vulnerability that allowed the attacker to exploit the platform was not discovered during an audit of the smart contract, which had been on-chain for eight months before the attack.