Euler (EUL) Up 25% As Hacker Returns 51,000 ETH From Stolen Loot

Semilore Faleti

2 years ago

3 mins read

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EUL, the native token of the DeFi lending protocol Euler Finance, is currently experiencing an impressive price rally driven mainly by news of the protocol recovering some of the stolen funds from the $200 million hack that occurred earlier this month.

EUL Gains 25% In 24 Hours

According to data from Coingecko, EUL is up 25% in the last 24 hours since the release of the news, indicating growing positive sentiment among its investors. Euler Finance is an Ethereum-based DeFi protocol that allows users to borrow and lend almost any cryptocurrency.

On March 13, Euler Finance suffered an attack resulting in the loss of crypto assets worth $200 million. By exploiting the flash loan mechanism on the platform, the hacker was able to move huge amounts of funds off Euler in the form of dai (DAI), wrapped Bitcoin (WBTC), staked ether (sETH) and USD Coin (USDC).

Looking at EUL’s broader performance, the token has gained 16.8% in the last seven days. However, its current market price represents a 53.7% decline from a month ago.

At the time of writing, EUL is trading at $3.60 with a daily volume of $5.42 million and a market cap of $59.03 million. Meanwhile, Euler Finance is reported to have a TVL of $9.7 million based on data on Defillama.

EUL trading at $3.71 | Source: EULUSD chart on Tradingview.com

Hacker Returns $90 Million From Exploit

In the days following the heist, Euler Finance began efforts to recover the stolen assets, first by offering the hacker a deal to retain 10% of the loot and return the remaining, albeit the proposition was ignored. Thereafter, they offered a $1 million reward for information that could lead to the arrest of the hacker.

However, in an interesting turn of events, the hacker suddenly returned a huge chunk of the funds to Euler’s Finance yesterday. Prior to this development, the hacker had previously returned 3,000 ETH, currently valued at $5.3 million, on March 18.

According to data from Etherscan, Euler’s hacker sent over 51,000 ETH, worth over $90 million, to the protocol’s deployer address in the afternoon of yesterday, March 25.

So far, there is no official statement by Euler explaining this development. But as expected, the partial recovery of the loot has bumped up investors’ confidence in the protocol, contributing to the current price rally of Euler’s native token EUL.

Following the news of this development, EUL’s price rose 60.4% to reach $4.38. However, the token soon experienced a slight recorrection, finding support around the price region of $3.38 before resuming its bullish trajectory.

That said, hacks and exploits still remain one of the biggest issues facing the crypto space. According to a report by The Fintech Times, a total of $8.9 billion has been lost to crypto security attacks since 2011.

Featured Image: IT Weapons, chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

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Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

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In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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