Euler Finance Goes All Out on Hacker, Offers $1 Million Bounty

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by Mayowa Adebajo · 2 min read
Euler Finance Goes All Out on Hacker, Offers $1 Million Bounty
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Euler says the hacker must return 90% of the funds that were stolen within 24 hours or face legal consequences.

Decentralized lending protocol Euler Finance is leaving no stone unturned as it reels from Monday’s $196 million exploit. Over the past 48 hours, the Ethereum-based noncustodial lender has sent several on-chain messages to the attacker in a bid to cut a deal with the hackers. However, the negotiations have thus far proved unyielding.

Per Euler Finance, it demands that the exploiter returns 90% of the funds they stole within 24 hours or face legal consequences. That is, they can keep nearly $20 million for their troubles, but must return the remaining within the time given.

Euler Finance to Launch $1 Million Reward

In its most recent message to the flash loan attacker, Euler Finance has issued an ultimatum. It also promised to place a $1 million bounty on the attacker. Part of the message reads:

“If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information that leads to your arrest and the return of all funds.”

The ultimatum and threat of legal consequences follow after Euler’s previous show of good faith. In the late hours of Monday, Euler had written to the attacker with hopes that they would be open to negotiations. At the time, the platform wrote:

“We are writing to see whether you would be open to speaking with us about any potential next steps.”

But with no response forthcoming from the attacker, even up until now, Euler is now actively engaging law enforcement agencies in the United States and the United Kingdom. In addition, the platform also says it will work alongside blockchain intelligence platforms such as Chainalysis and TRM Labs to help fish out the hacker.

EUL Token Plunges

Meanwhile, just as expected, the native token of the Euler protocol, EUL has taken a nosedive following reports of the Monday exploit.  As of publication, EUL is down for the second day running.  According to CoinMarketCap data, the token has fallen 15.08% in the past 24 hours and currently trades at $2.58.

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Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

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