By Valerie Atoh
The digital currency realm remains abuzz following a recent cyberattack on the Euler Finance decentralized lending platform. Occurring on March 13, the breach resulted in a loss of approximately $196 million in cryptocurrency assets. Exploiting software flaws within the lending protocol, the hacker successfully executed the heist.
Hacker Disregards Ultimatum, Moves Stolen Assets Through Crypto Mixer
Despite Euler Finance’s 24-hour ultimatum demanding the return of the stolen funds or facing legal consequences, the hacker appears unfazed. Instead, they have allegedly funneled the ill-gotten assets through a cryptocurrency mixer in an attempt to obscure their tracks.
In a recent Twitter post, blockchain analytics firm PeckShield disclosed the Euler Finance hacker’s latest maneuver. The flash loan attacker reportedly transferred 1,000 ETH tokens, valued at nearly $1.65 million, to the well-known cryptocurrency mixer, Tornado Cash. The analytics company observed that the Ether tokens were sent via an intermediary address before reaching the mixer.
Previously, the DeFi lending protocol had issued an on-chain message to the perpetrator’s address, requesting the return of 90% of the stolen assets within a 24-hour window. Euler Finance also warned of a $1 million bounty for any information leading to the hacker’s apprehension and the recovery of the pilfered funds. This message was sent on March 15, just one day before the attacker’s most recent transfer of funds.
Also read:Chainalysis Links North Korean Hacking Address to Euler Finance Breach
Blockchain analytics company Chainalysis has discovered a connection between the recent $200 million Euler Finance hack and an address previously associated with North Korean cyberattacks. The firm revealed that this address received an estimated $170,000 in Ethereum pilfered from the recent security breach, raising suspicions of potential collaboration or involvement of North Korean hackers in the high-profile incident.
The analysis by Chainalysis has revealed two key on-chain entities implicated in the Euler Finance cyberattack: a front-running MEV (Miner Extractable Value) bot and the perpetrator’s principal private wallet. Financial backing for the gas fees and the development of contracts used in the assault was supplied by Tornado Cash, a mixer that has faced sanctions in the past.
The link to North Korean cybercriminals emerged when Chainalysis detected that around $170,000 in Ethereum pilfered from the Euler Finance breach was transferred to an address with prior connections to North Korean hacking operations. This potential involvement of North Korean hackers in the incident underscores the escalating danger posed by cybercrime within the DeFi sector, as malicious actors increasingly target decentralized finance platforms and exploit their vulnerabilities for financial gain.
This growing concern calls for heightened security measures and vigilance across the industry to safeguard against future attacks and protect both platform operators and users.
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