Euler Finance Hacker Takes The Risky Road, Launders Looted Funds Through Crypto Mixer


The crypto space is still buzzing with the latest crypto attack on the decentralized lending protocol, Euler Finance. The exploit, which took place on March 13, saw the platform lose about $196 million worth of crypto assets. The hacker preyed on software vulnerabilities in the lending protocol to perpetrate the act.

Though Euler Finance gave the hacker an ultimatum of returning the funds within 24 hours or facing prosecution, the latter seems to be their choice. Hence, the attacker has reportedly sent the stolen funds to a crypto mixer.

Hacker Transfers Part Of Stolen Funds

PeckShield reported the latest move from the hacker of Euler Finance through a Twitter post. According to the blockchain analytics company, the flash loan exploiter moved 1,000 ETH tokens worth almost $1.65 million to the famous crypto mixer, Tornado Cash. The firm noted that the hacker sent the Ether tokens through an intermediary address.

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Also, CertiK Alert reported that the exploiter moved 2,500 ETH tokens worth about $4.13 million into another address labeled as Fake_Phishing76535. 

The DeFi lending protocol had earlier sent an on-chain message to the attacker’s address demanding he returns 90% of the funds within 24 hours. It threatened to launch a $1 million reward for anyone that would provide information in arresting the hacker and recovering all stolen. Euler Finance sent the message on March 15, a day before the attacker’s recent funds transfer.

Euler Finance Hacker Takes The Risky Road, Launders Looted Funds Through Crypto Mixer
EUL price is down by 14% on the chart l EULUSDT on Tradingview.com

The hacker’s move to send part of the stolen funds to a crypto mixer came a few hours after Euler’s ultimatum. This shows the attacker is not shaken by the message as a deal or threat.

Euler Finance Hacker Returns A Victim’s Funds

Further, in its tweet, PeckShield mentioned that the Euler Finance hacker also sent out 100 ETH tokens worth almost $165,202 at the current crypto market price. The funds went to a wallet address that possibly belonged to a victim of the attack.

According to the analytics firm, the wallet address had earlier sent an on-chain message to the attacker, pleading for their funds. Also, another Twitter user, ‘Wazz,’ confirmed that the victim begged that hacker for the money, explaining that it was their life savings. The victim mentioned they’re in a mess they’re neither a whale nor a millionaire but a commoner struggling with life. 

Following the return of the victim’s funds, other victims have been bombarding the hacker’s address with messages. They hope to recover their funds as well.

One of the messages congratulated the hacker on the big win through the flash loan attack. However, the user later explained that the investment in Euler was through a collective effort with his wife. So, he pleaded for the funds to help them get a house they needed desperately, citing that his wife would kill him if the funds were not returned. 

Another message to the exploiter stated their collective investment was a million USDT tokens. The funds are life-saving for 26 families who are jobless in rural areas after working several decades in factories.

Featured image from Pixabay and chart from Tradingview.com

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