Euler Finance has recently experienced a $196.9 million attack carried out by hackers. Despite the attack, the protocol has managed to retrieve majority of the stolen money. A user redemption plan has also been released to recompense the impacted individuals. Euler Finance stated that the striking amount of 95,556 ETH (95,556,36059211764 ETH) and 43.06 million DAI (43,063,729.35 DAI), accounted in total, was returned to the protocol. It was reported the user was directly refunded with the remaining 100 ETH while they transferred 12 ETH to the Euler DAO vault in turn. In addition to the recovered funds, there is also 3.5 million (3,396,964) USDC and 1 million (1,007,321) DAI similarly stored on the address for insurance payouts received through Sherlock Protocol.

Expressing appreciation for the fortunate outcome, Euler Finance declared that once the protocol is shut down, this would be the critical moment for the assessment of assets and liabilities over the blockchain. The oracle price dependent to Uniswap or Chainlink, depending on the market scenario, will be applied to acquire the ETH representation of the values. Consequently, it will permit a proportional redemption of account assets and liabilities in the protocol. As for the overall equity measure, it will be calculated by adding all account equitys, granting all account holders to claim the recovered ETH, DAI and USDC based on their proportions in the total assets and liabilities. If the amounts collected after the redemption is higher than the assets, the surplus will also be allocated proportionately among the users.

Accordingly, all users using Euler Finance’s services are encouraged to take part in the redemption to reap the benefits. The safety and security of users’ funds has been underlined as the top priority and promises are made all the affected individuals will be rightfully compensated. The developer team of Euler Finance has made respective efforts and carefully assessed the recovery plan prior to its launch.



Other News from Today