Euler Finance, a decentralized finance (DeFi) protocol that works on the Ethereum blockchain, has released details of a plan to refund all users impacted by a flash loan attack on the platform last month. The attack resulted in the theft of almost $100 million in Ethereum (ETH) and the Dai (DAI) stablecoin.
The platform has so far been able to successfully recover almost all of the stolen funds from the intrusion. In order to reimburse affected users, the team is using an oracle price (determined by Uniswap or Chainlink, depending on the market) to fix the value of assets and liabilities at the time of the halt of the protocol. The team will be using a proportional method of assessing user deposits to account for non-collateral assets.
The successful negotiations between the Euler Finance team and the bad actors have enabled them to get back 95,556.36059211764 ETH and 43,063,729.35 DAI. Unfortunately, the team was unable to recover the 1,100 ETH sent by the hacker to the Tornado Cash mixer as well as the 100 ETH sent to the Ronin attacker.
The remaining funds in the Euler contract are claimable by eligible users, provided they have sufficient balance depositified on the platform. Users who have the same amount deposited as the market's total will be able to reclaim the whole amount.
As part the security measures, Euler Finance is also notifying their users to keep an eye on their wallets to ensure the right amounts are sent back to them. The platform is therefore urging users to frequently check their wallets for updates on their redemption plans.
Lucas Martin
- 2023-04-12
Euler Finance Unveils Plan to Refund Affected Users of Flash Loan Attack
Euler Finance has announced details of a plan to refund all users affected by a recent flash loan attack in the platform. The team has managed to recover almost all of the funds stolen and users will be able to reclaim their balances.
