Euler (EUL) Up 25% As Hacker Returns 51,000 ETH From Stolen Loot
26 Marzo 2023 - 12:54PM
NEWSBTC
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 Related Reading: MakerDAO Maintains Trust In USDC
Despite Depeg Debacle 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. Related Reading: Number Of
Ethereum Addresses In Profit Hits 10-Month High As ETH Continues
Rally Featured Image: IT Weapons, chart from Tradingview
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