• Tue. Apr 23rd, 2024

A Step Towards Justice: Euler Finance Scammers Offer to Return Embezzled Funds

Megan Ford

ByMegan Ford

Mar 21, 2023

A hacker or group recently siphoned off two hundred million dollars from Euler Finance, but there seems to be some hope of retrieving the stolen funds. Based on messages shared by the cryptocurrency data analytics forum CertiK, the perpetrators have claimed that they acted in good faith and have no interest in holding onto the money that rightfully belongs to Euler Finance.

While the situation remains uncertain, the hackers may be willing to cooperate with the authorities to return the stolen funds. In addition, the individuals behind the recent theft also shared a willingness to give back the stolen assets and seek to establish secure communication with the company.

In an on-chain message sent to the Euler Finance team, the hackers indicated that they had no intention of holding what did not belong to them and hoped to reach an agreement that would benefit all parties involved. While the situation is still unfolding, the hackers’ message offers some hope that a resolution may be reached without further harm being done.

Engaging with hackers who exploit protocols is increasingly becoming a common phenomenon. Unfortunately, the situation is often portrayed as a positive event highlighting the skills of so-called “white hat” hackers.

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Although rewards may still be offered, by working with the hackers to resolve the issue and retrieve any stolen funds, the protocol team can mitigate the damage caused by the exploit and improve the system’s security in the future.

While risks and ethical concerns are associated with this approach, it might be an effective way to minimize the harm caused by a security breach. Furthermore, the hackers behind the exploit have stated that they are willing to continue the conversation with the protocol team on a platform of the team’s choosing, such as Blockchain.

The hackers’ motivation for engaging with the team in this way is likely related to a perceived threat of legal action, which was included in an injunction issued by the team. This threat may have prompted the hackers to seek a resolution allowing them to return the stolen funds without facing the full legal consequences of their actions. However, the situation is still developing, and whether the protocol team and the hackers can reach a mutually acceptable agreement remains to be seen.

No Prior Instance Established

The plans put forth by the Euler exploiters to return the funds they stole are commendable, but they are still gaining ground. There have been other hackers who have followed a similar path. One such example is the Poly Network hacker who, in 2020, stole over six hundred million but ultimately returned all of it after engaging with the team.

This hacker was also paid the associated bounty for their actions. So while the actions of the Euler exploiters are certainly laudable, they are not unprecedented in hacking and cybersecurity.

Avraham Eisenberg, who exploited Mango Market, also returned a significant portion of the stolen funds. Out of the over one hundred and ten million dollars that were taken, he gave back approximately sixty-seven million dollars.

However, it kept about forty-seven million dollars originally intended as a bounty. Currently, Eisenberg is facing an indictment from the United States Securities and Exchange Commission and the Commodities Futures Trading Commission, where he is attempting to justify his actions.

Megan Ford

Megan Ford

Megan Ford is an accomplished news writer with a talent for capturing the essence of a story. With a keen eye for detail and a dedication to accuracy, her articles provide readers with a captivating and well-rounded perspective on current events.

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