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Euler Finance Flash Loan Attack Explained

2023-03-15, Chainalysis
#Suspicious #Cryptocurrency #EulerFinance


New updates, 4/6/23: Hacker returns stolen funds, marking one of the largest DeFi recoveries
Several weeks after the $197 million Euler Finance Flash Loan Attack, the hacker returned the stolen funds and apologized through a series of encrypted messages. The hacker, who identifies as Jacob, began by sending 54,000 in ETH (3,000 on March 18 and 51,000 on March 25) to Euler and followed with 7,000 ETH and $10 million in DAI several days later. Jacob also sent ETH and DAI from these addresses, all of which Jacob funded directly:
- 0x46e0Be2DF97dAc791fC8e30Cf2b2E4f58c50Cf55
- 0xa1b44d4b5b4C361f51E029b81bf2Db9cF4D8e676
- 0xC4e04Ac48639FF077eBb36E7cFe0C4993b7b208E
- 0x8765A35394C98e81B9d56d44248E1199D8E38A4c
- 0xB2698C2D99aD2c302a95A8DB26B08D17a77cedd4
- 0xc66dFA84BC1B93df194bD964a41282da65D73c9a
As the below image demonstrates, Jacob expressed intentions to eventually return all of the funds, which Jacob fulfilled:
Source: Etherscan
The following Chainalysis Reactor graph shows the movement of funds back to Euler Finance:
On April 4, Euler released a statement, announcing that the community investigation is finished and the company is developing a plan to restore user assets.
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