Hacker Returned These Altcoin Assets! – Cryptokoin.com

As Cryptokoin.com reported, new news came from the project, which stated that they will start talks with the hacker after the Euler Finance hacking event that took place in the past weeks! The chief architect of the attack returned his stolen altcoin assets! Here are the details…

Euler Finance hacker returns altcoin assets!

The days of silence came to an end after the hack that shook the cryptocurrency market in the past weeks. The hacker behind the Euler Finance attack returned 51,000 ETH worth $89 million to the project, which accounted for almost half of the stolen funds. According to blockchain data, on the evening of March 25, the wallet address of the Euler Finance attacker sent the said amount back to the project. As we previously reported, the hacker returned 3,000 ETH on March 18. With this new news, the amount of ETH taken back from the hacker increased to 54 thousand ETH. The hacker still has some ETH in his account. According to the statements made, it is doubtful whether he will return it.

As you know, Euler Finance faced a sudden DeFi attack on March 13, and lost $197 million in assets in the form of ETH, DAI, WBTC and USDC coins. Finally, the data shows that the price level for Euler’s native coin, EUL, is on the rise. The increase in the price of the project after the return of the funds gave hope to the investors. Although Euler Finance initially did not accept the idea of ​​paying the ransom against the hacker, it seems that positive progress has been made between the project and the hacker after negotiations.

However, an interesting incident happened last week when hacker group Ronin Network tried to scam the Euler Finance attacker into clicking on a phishing link in order to obtain wallet addresses. However, it cannot be said that the operation was successful.

What had happened?

DeFi hacking events do not end in the cryptocurrency market. With the increasing number of DeFi hacking incidents since 2022, although investors are a little distant from the DeFi sector, some investors want to evaluate the advantages offered by the sector. But concerns about DeFi are driving many investors away from DeFi. DeFi platform Euler Finance, which suffered an exploit of $196 million in early March 2023, lost a large asset in the form of ETH, DAI, WBTC and USDC coins to the attacker.

Altcoin Team Member Hacked Project

On the other hand, this hack is said to be the biggest exploit in the DeFi field in 2023 so far. Data had reported that the attacker used flash loans to steal assets. Today, with the statements made, the auditing platform BlockSec said that the attacker returned most of the assets lost by Euler Finance:

Euler Finance hacker just transferred 51,000 ETH to Euler Finance. The abuser still has some Ethereum in his account.

What does the return of funds mean for the DeFi industry?

Flash credit attacks are becoming more and more common in the decentralized finance i.e. DeFi space. These attacks are a form of smart contract exploitation where an attacker takes an unsecured loan and uses it to manipulate the market before repaying the loan. As you know, there have been many DeFi attacks since 2022 and users are worried. This can affect the market deeply.

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On the other hand, the return of the funds by the hacker is a positive development for Euler Finance, as it means they can get back some of the stolen assets. It also revealed the importance of participating in negotiations and finding a solution that works for all parties involved. That’s why recovering stolen funds has been an important step for the continued growth and development of the DeFi ecosystem.

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