The popular crypto analytic platform Chainalysis confirmed that Euler Finance hacker(s) transferred some crypto assets to the North Korean linked crypto address, only to misguide investigators.
Euler Finance is an Ethereum-based noncustodial lending protocol. On 13 March, this platform faced a flash loan attack by an unknown hacker. In that attack, Euler Finance lost approximately $196 million worth of crypto assets.
On 14 March, the engineering team behind this protocol Euler Labs confirmed that it was working with security & enforcement agencies to tackle the whole matter.
An update on our work today to recover funds for Euler protocol users.
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Here are a few actions we took immediately:
1. Stopped the direct attack as soon as possible by helping disable the EToken module, which blocked deposits and the vulnerable donation function
2. Engaged TRM… https://t.co/6ZClE9uGoH
— Euler Labs (@eulerfinance) March 14, 2023
In between 14-15 March, The Euler Finance team sent on chain messages to that exploiter to warn & force him to return the stolen funds.
At first, the team said that it will take help from enforcement action but on the next day the team requested to release 10% of stolen funds & keep the rest of the funds in return for no enforcement action.
Initially, hackers transferred 100 ETH to crypto addresses linked with the North Korean hacker group Lazarus. Later hacker transferred 3000 ETH to the Euler’s deployer account.
The popular Crypto analytic platform Chainalysis initially reported that it was the Korean hacker group Lazarus but later this crypto security team confirmed that the hacker was trying to misguide investigators.
Euler Labs CEO Michael Bentley shared his disappointment with the whole incident and said that the Euler Finance team already conducted 10 security audits separately over the last two years and all the reports confirmed that there was no vulnerability, so it is unfortunate to see such incidents on highly secured Defi platforms.
Read also: Flagstar Bank acquired Signature Bank but fully ignores crypto customers
Chainalysis confirms Euler Finance exploiter was not linked with North Korea
https://bitcoinik.com/chainalysis-confirms-euler-finance-exploiter-was-not-linked-with-north-korea/feed/
https://bitcoinik.com/chainalysis-confirms-euler-finance-exploiter-was-not-linked-with-north-korea/feed/
