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Crypto News

Plan Under Consideration By Euler Finance To Return Money Recovered From Hack

Author

Jay Solano

Tags

Reading time

1 min
Last update

Author

Jay Solano

Tags

Reading time

1 min
Last update

Author

Jay Solano

Tags

Reading time

1 min
Last update

euler finance hack

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The community that stands behind Euler Finance, a DeFi lending protocol that was hacked for $200 million in March, is preparing to vote on a plan for distributing the recovered funds among its users.

The proposal, which was created five days ago, seeks to enable Euler users to quickly redeem their capital. According to the proposal, this approach, which was submitted by co-founder Doug Hoyte, was selected as the optimal strategy by the Euler Foundation, Euler Laboratories, and external advisors.

As shocking as the breach was, the fallout could be even more shocking. Last week, Euler Finance announced that it had recovered all “recoverable funds” stolen in the breach. The attacker expressed regret. 

According to the proposal in Euler’s governance forum, the recovered funds exceed 95,556 ether (ETH) and 43 million DAI stablecoins. 

Among the unrecovered funds are 1,100 ETH transferred to Tornado Cash and 100 ETH sent to an address associated with the Lazarus Group, a purported hacking organization with ties to North Korea.

Assuming the proposal is passed, Euler will determine the value of users’ assets and liabilities by referencing the prices from the block time at which the protocol was deactivated following the attack.