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Euler Finance Implements User Redemption Plan: Recovers Over 95,000 ETH and 43 Million DAI

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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 unrecyc

Euler Finance Implements User Redemption Plan: Recovers Over 95,000 ETH and 43 Million DAI

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

On April 6th, 2021, Euler Finance, a decentralized finance (DeFi) lending platform, announced a user redemption plan following a security breach in late March. The redemption plan was implemented to recover the stolen funds and return them to affected users. This article will discuss the details of the user redemption plan, the amount of funds recovered, and the impact on Euler Finance.

Background

On March 26th, Euler Finance experienced a security breach, resulting in the loss of funds from its platform. Over 95,000 ETH and 43 million DAI were stolen, and the platform’s governance token, ERN, experienced a drastic drop in value.

User Redemption Plan

To address the security breach, Euler Finance implemented a user redemption plan in which the stolen funds were recovered and returned to affected users. 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.

Funds Recovered

Under the redemption plan, Euler Finance was able to recover a total of 95556.36059211764 ETHs and 43063729.35 DAIs. The recovery of these funds has helped restore confidence in Euler Finance and the DeFi community as a whole. Users affected by the security breach can request the return of their funds through the platform’s redemption process.

Impact on Euler Finance

The security breach had a significant impact on Euler Finance, causing a loss of user trust and a decline in the value of the platform’s governance token. However, the implementation of the user redemption plan and the recovery of a substantial amount of stolen funds has helped to mitigate the damage caused by the security breach. Euler Finance is continuing to improve its security measures and regain the trust of its users.

Conclusion

The implementation of Euler Finance’s user redemption plan has helped to recover over 95,000 ETH and 43 million DAI, restoring confidence in the platform and the DeFi community. While the security breach caused a significant decline in user trust and the value of the platform’s governance token, the recovery of stolen funds has helped to mitigate the damage. Euler Finance is committed to improving its security measures and regaining the trust of its users.

FAQs

1. What caused the security breach at Euler Finance?
The details surrounding the security breach at Euler Finance are still being investigated, but it is believed that the breach was caused by a vulnerability in the platform’s code.
2. Will Euler Finance implement additional security measures to prevent future breaches?
Yes, Euler Finance is committed to improving its security measures to prevent future breaches from occurring.
3. How can affected users request the return of their funds through the redemption process?
Users affected by the security breach can request the return of their funds through the platform’s redemption process, which can be accessed through Euler Finance’s website.

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