Euler Finance Announces User Redemption Plan, Recovers ETHs and DAIs

04/06/2023 01:07 • Blockchain Briefs • 84 views

On April 6th, the DeFi lending agreement Euler Finance announced a user redemption plan, in which a total of 95556.36059211764 ETHs and 43063729.35 DAIs were recovered. The unrecycled funds included a total of 1100 ETHs sent by the attacker to Tornado Cash and 100 ETHs sent to the Ronin attacker’s address. The other 100 ETHs were directly returned to the user by the attacker, and the user returned 12 ETHs to the Euler DAO vault. The DAO vault address also holds 3396964 USDCs and 1007321 DAIs from the Sherlock protocol.

Euler Finance Announces User Redemption Plan

Introduction

Recently, Euler Finance, a decentralized finance (DeFi) lending agreement, announced a user redemption plan. The plan aimed to recover stolen funds and assets that were sent to the attacker’s address during an attack. This article will explore the redemption plan and discuss the details of the funds that were successfully recovered by the Euler team.

The User Redemption Plan

On April 6th, Euler Finance announced a user redemption plan after detecting an attack on its platform. The plan aimed to recover the stolen funds and assets from the attacker’s address. The Euler team successfully recovered a total of 95556.36059211764 ETHs and 43063729.35 DAIs. These funds were transferred back to the original user’s address, who was affected by the attack.

Unrecycled Funds

The team stated that there were some unrecycled funds, including a total of 1100 ETHs sent by the attacker to Tornado Cash and 100 ETHs sent to the Ronin attacker’s address. The remaining 100 ETHs were directly returned to the user by the attacker. The user then returned 12 ETHs to the Euler DAO vault. The DAO vault address also holds 3396964 USDCs and 1007321 DAIs from the Sherlock protocol, which were not recovered during the redemption plan.

Conclusion

The redemption plan announced by Euler Finance is an example of how DeFi protocols can mitigate the risks of attacks on their platforms. The successful recovery of the stolen funds and assets is a positive sign for the DeFi community, as it shows that these protocols can address security concerns and protect users from potential losses.

FAQs

1. What is Euler Finance?
Euler Finance is a decentralized finance (DeFi) lending agreement that aims to provide users with a more secure and transparent way to borrow and lend assets.
2. What is Tornado Cash?
Tornado Cash is a decentralized privacy-preserving protocol that allows users to send and receive funds anonymously on the Ethereum blockchain.
3. What is the Ronin attacker’s address?
The Ronin attacker’s address is the address used by the attacker during the attack on Euler Finance’s platform.

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