Euler Finance's Devs Put Up Reward To Nab Hackers Behind $200M Crypto Hack

Zinger Key Points
  • On-chain messages from Euler's deployer contracts issue warning to hackers.
  • Euler's native EUL tokens continue to drop following hack.

Decentralized lending protocol Euler Finance EUL/USD announced a $1 million reward for information leading to the arrest of the individuals behind the recent exploit that resulted in the loss of nearly $200 million.

In a message sent via on-chain messages from Euler's deployer contracts, the developers stated the reward would be offered if 90% of the funds were returned within 24 hours.

The protocol suffered an attack on Monday, which resulted in the loss of funds in Dai DAI/USD, Wrapped Bitcoin WBTC/USD, sETH SETH/USD and USD Coin USDC/USD over four transactions.

Also Read: Jim Cramer Predicts Bitcoin's Imminent Demise — Will His Record For Getting It Wrong Continue?

The attacker used a flash loan to temporarily trick the protocol into assuming it held varying amounts of eToken and dToken.

Following the attack, the developers reached out to the attackers and offered to discuss any potential next steps. Euler's native EUL tokens have fallen by 16% in the past 24 hours, according to CoinGecko data.

Read Next: Morgan Stanley: This Is Bitcoin's Moment To Shine Amid Bank Closures

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsLegalMarketsCrypto heistCybersecurityDecentralized lending protocolhackersOn-chain messages
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!