HomeMarket AnalysisEuler Token Gains 28% as Exploiter returns 58,000 Stolen ETH

Euler Token Gains 28% as Exploiter returns 58,000 Stolen ETH

According to on-chain data, Euler Finance exploiter returned over 58,000 Ethereum — worth over $100 million on March 25. The returned funds shot its EUL token up by 28%.

In a series of March 25 transactions, the Euler exploiter first sent 51,000 ETH to the decentralized finance (DeFi) deployer address. The exploiter later sent another 7737 ETH to the protocol using the address “0x46e0Be” as an intermediary, according to BlockSec.

Etherscan data showed that the exploiter transferred millions of DAI to another crypto wallet.

Meanwhile, blockchain analytical firm Arkham Intelligence reported that the attacker still held $73 million worth of ETH and $43 million DAI in his address.

Euler Exploiter Transactions
Euler Exploiter Transactions (Source: Arkham)

Will the Euler Exploiter Return the Remaining Stolen Funds?

Since the March 13 theft, the Euler hacker has made several transactions that have baffled the crypto community. The attacker sent 100 ETH to a victim and transferred another 100 ETH to the North Korean-linked Ronin Bridge exploiter Lazarus. Besides that, the hacker had tried to obfuscate his transactions by moving 1000 ETH through sanctioned crypto mixer Tornado Cash.

These transactions fueled speculations about the hacker’s identity and intent. However, the first signs of recovery occurred on March 18 when the exploiter returned 3000 ETH to the Euler deployer. The community speculated that the hacker might be trolling or had finally decided to return the funds. 

On March 20, the hacker sent an on-chain message to Euler’s address stating they were finally willing to cooperate and return the funds. “We want to make this easy on all those affected. No intention of keeping what is not ours. Setting up secure communication. Let us come to an agreement,” the message reads. 

While Euler did not publicly accept the offer, the DeFi project is highly likely to be in contact with the exploiter. The protocol had warned the hacker not to decrypt a message from the Lazarus group because it was a phishing attempt.

EUL Price Rises 28%

Meanwhile, the Euler token EUL has seen its value increase by 28% in the last 24 hours and is now trading at $3.59 as of press time.

EUL Price Performance
EUL Price Performance (Source: BeInCrypto)

After the hack, the digital asset plunged by more than 50% to trade for as low as $1.83. The crypto token has slightly recovered following the recent events.


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