Euler Finance Community Maps Out Plan to Distribute Recovered Funds From $200M Hack

Vignesh Karunanidhi
Euler Finance DAO Maps Out Plan to Distribute Recovered Funds From $200M Hack
Source: Coin Culture

In recent times, there has been a rise in hacks and attacks within the cryptocurrency industry. Several exploits have affected the DeFi space over the past few months.

Euler Finance, a well-known DeFi lending platform, was a recent victim of a $200 million flash loan attack. The platform has attempted to recover 90% of the funds from the hacker by reaching out through an on-chain message.

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The Euler Finance community has laid out a proposal to allow the users to redeem their funds asap.

Euler Finance Foundations chose this as the optimum approach

“After careful consideration by the Euler Foundation, Euler Labs, and external advisors, the following has been chosen as the optimum approach,” stated the proposal. It was stated last week that all recoverable funds stolen via the hack had been received. The hacker also apologized for the actions.

The details from the proposal reveal that the team recovered more than 95,556 ether and 43 million DAI stablecoins. “Unrecovered funds at this point include funds with potential sanctions issues sent by the attacker to Tornado Cash, totaling 1,100 ETH, and those sent to an address owned by the Ronin attacker, totaling 100 ETH.”

Euler Finance also stressed that the ultimate goal is to allow users to redeem their funds as soon as possible.