Euler Fianance protocol was attacked nearly every week in the past, which resulted in a lack of greater than $180 million. And although the attacker behind the scheme is but to be definitely recognized, in style on-chain analyst Lookonchain has lately reported information hinting at who may very well be behind the hack.
In keeping with information from Lookonchain, the Euler Finance hacker despatched 100 Ether (ETH) to a pockets handle linked to the earlier Ronin community bridge exploit which occurred final yr. The Ronin community is an underlying blockchain for the favored crypto sport Axie Infinity.
After the community bridge was exploited final yr for roughly $625 million, accounting for the second-largest assault on the creating crypto market, the Workplace of International Belongings Management (OFAC) was in a position to hint the exploiter handle and listed it as a hack from North Korean Infamous Hacking Group Lazarus.
Associated Studying: DeFi Hack: Euler Finance Pushes to Recuperate Funds After Blocking Susceptible Module
Now, a yr later, this identical Ronin bridge exploiter handle is seen receiving 100 ETH from the Euler Finance Hacker. Might this imply the Lazarus group was additionally behind the Euler Finance assault?
Lazarus Group Or Not?
The connection between the 2 addresses intersecting with one another has baffled the crypto group and in addition sparked hypothesis that the Lazarus group is increasing its targets within the cryptocurrency house in addition to its strategies of laundering and transferring funds.
In keeping with a report from blockchain analytics agency Peckshield, as of March 16, the Euler Finance flash mortgage exploiter moved a portion of the stolen funds – a complete of 1,000 ETH tokens value practically $1.65 million, by way of an middleman handle to the well-known crypto mixer, Twister Money.
Notably, it’s nonetheless not sure but whether or not the Lazarus group is behind the Euler Finance protocol hack because the 100 ETH switch could be both a false flag, decoy, or a random prevalence that doesn’t indicate an intentional conspirational relationship between each addresses.
Nevertheless, as a result of the sender of the Ethereum transaction break up the funds into smaller quantities utilizing a sensible contract to allocate to totally different wallets which embrace that of the handle of the exploiter of Solana-based decentralized finance (DeFi) protocol, Mango Markets, means that this entire switch might definitely be a decoy to lure authorized forces away from the precise attacker.
Run Down On The Euler Finance Hack
It was final week when the assault on the Euler protocol occurred and on-chain safety agency Certik Alert initially reported the incident on Twitter, revealing that the dangerous actors had stolen 41 million DAI and nonetheless counting. It went additional to warn customers to be alert because the exploit was nonetheless ongoing on the time of the tweet.
A number of hours later, Certik posted an replace that the hacker stole over $195 million from Euler Finance. It revealed that the belongings comprise 96,800 ETH and 43.6 million DAI stablecoins, making it the largest exploit to this point in 2023.
In response, the Euler Finance group has assured customers of working to cease the exploit. The agency revealed that it had introduced regulation enforcement and safety professionals to the matter and can replace the group quickly.
In the meantime, the Euler Finance native token EUL remains to be affected by the panic promoting of traders from the hack. Over the previous 7 days, EUL has plummeted by over 70%, and it’s nonetheless transferring in a downward development, down by 5% within the final 24 hours regardless of the worldwide crypto market’s bullish development.
Featured picture from Unsplash, Chart from TradingView
