Euler Finance opens redemptions after hacker returns funds

📆 12-4-2023 22:56:00
📰 Cointelegraph

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Due to a rally in the price of Ethereum, Euler Finance's recovered funds are now worth more than before the $197 million exploit.

On April 12, Ethereum-based noncustodial lending protocol Euler Finance announced that it would open redemptions after hackers returned the vast majority of assets stolen in a $197 millionEuler says it will repay all sub-account liabilities at the block the protocol was disabled on March 13. The on-chain price oracle, provided by either Uniswap or Chainlink, will determine the Ether value of assets and liabilities.

"Markets that have bad debt in excess of reserves will have the bad debt proportionally distributed amongst depositors in the market." Euler has created a smart contract containing funds for all exploited addresses, with an embedded Merkle Tree. In order for redemptions to be processed, users' addresses need to pass the Merkle proof of validity and"an acceptance token that is individually computed for each account, and confirms that the account holder agrees with the terms and conditions."

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Euler Finance Lets Users Redeem Recovered Funds Following $200M TheftLess than a month later after eulerfinance was exploited for roughly $200 million, the decentralized crypto lending platform has for the first time since the exploit allowed users to claim their capital. reports eulerfinance Guys you need to know about this awesome gem which has made huge profit within a month 💯🔥 It has reached 40m mcap and more to gooo🚀🔥 eulerfinance Want to invest in a potential token then check out BabyBNBTiger . It has over 42m mcap . It's mooning now. Don't miss this opportunity to make huge money. BSC BSCGems eulerfinance It's good to see eulerfinance taking steps to rectify the aftermath of the exploit by allowing users to claim their capital for the first time since the incident. Let's hope this move will help regain trust and rebuild the platform's reputation.
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