Euler Finance Demands 90% Refund from Hacker

Euler Finance, a non-security lending protocol built on Ethereum, is trying to negotiate a settlement with the hacker who stole millions of dollars from the protocol. Euler also threatens to sue them if they fail to comply with the terms.

On March 14, Euler Labs sent the request to the Fast Loan attacker responsible for exploiting the platform for $196 million by sending the hacker 0 ether (ETH) and an accompanying message. Euler Finance demands to return 90% of the funds stolen by the hacker within the next 24 hours or face legal repercussions.

If the assets are not returned in time, Euler promises a $1 million reward for information leading to the hacker’s arrest and the recovery of all assets.

The earlier letter Euler had sent to the hacker was much more polite:

“We understand that you are responsible for this morning’s attack on the Euler platform, and it was clear that they were pointing fingers at them. We are writing to see if you are open to speaking with us about any possible future steps. If so, we would greatly appreciate it.”

Euler financing

In response to the claim to return 90% of the funds, the hacker will hand over over $176.4 million while keeping the remaining $19.6 million. However, many commentators indicated that the hacker had very little or no reason to enforce the terms of the agreement that were offered.

According to Euler Labs, the company has already teamed up with US and UK law enforcement agencies, blockchain intelligence platform Chainalysis, TRM Labs, and the larger ethereum community to identify and apprehend the hacker.