- Euler Finance receives the stolen $200 million from a hacker called “Jacob”
- The hacker returned 7,000 ether and $10 million worth of dai stablecoins
- He has sincerely apologized for his actions and said he “didn’t mean all that.”
“Jacob,” the hacker who allegedly stole $200 million from Euler Finance’s protocols, seemed to have a change of heart as blockchain data shows that he returned a significant amount of the funds to the platform. In addition, he sent a message that was an apology and confession to the heist of the blockchain.
The statement, encoded in a blockchain transaction, showed that he wanted to apologize for the malicious act. According to him, he “didn’t mean all that.” The emotional message surprised many, especially since the hacker had been elusive since the cyber attack in early November.
Right after sending the message, Jacob returned over $120 million to Euler Finance’s protocols, including 7,000 ether and $10 million worth of dai stablecoins. This is a considerable amount of money that the platform had feared it would never get back. “We are grateful that the funds are being returned to the platform, and we are willing to work with Jacob to solve any issues that he may be facing,” Euler Finance’s CEO said in a statement.
Jacob, who had initially remained anonymous, has now identified himself as the hacker behind the attack. He also stated in another blockchain message that he intended to return the entirety of the funds to Euler as soon as possible. He guarantees the rest of the stolen money will be returned immediately. He gave another apology right after the message.
The return of a significant portion of the funds is a great relief to Euler as the platform suffered considerable losses due to the attack. The exploit resulted in almost $200 million being lost over four transactions in staked ether (sETH), dai (DAI), wrapped bitcoin (wBTC), and USD coin (USDC). Euler Finance had earlier threatened legal action and offered the hacker a $1 million bounty in return for the funds.
The circumstances surrounding the return of the funds and the apology message on the blockchain have left many wondering about Jacob’s motives, whether he had a change of heart, or if there was something else behind the scenes. Nonetheless, Euler Finance can now breathe a sigh of relief as a considerable amount of funds has been recovered.
Euler Finance’s Contribution to Crypto
Euler was created in 2020 as a Defi platform by Michael Bentley, Doug Hoyte, and Jack Prior. The UK-based platform has been making waves with its unique features. Aside from providing protected collateral, reactive interest rates, permissionless lending markets, and MEV-resistant liquidations, Euler also boasts risk-adjusted solid loans.
One of the most exciting aspects of Euler is that its users can vote on which assets are listed on the platform. As long as an investment has a WETH pair on Uniswap v3, it can be added to the price feed of Euler. This feature has given users the power to shape the platform’s portfolio according to their preferences.