In March, the Ethereum lending protocol suffered a $197 million flash loan attack. However, Euler Finance, the Ethereum-based non-custodial lending protocol, announced on April 12 that it will open redemptions after the hackers returned the majority of assets stolen during the attack.According to Euler Finance’s announcement on April 12, it will reimburse all sub-account debts as of March 13, the block when the protocol was disabled, with the value of assets and liabilities determined by an on-chain price oracle from either Uniswap or Chainlink. Euler has created a smart contract with an embedded Merkle tree, containing funds for all exploited addresses, which users must pass the Merkle proof of validity and an acceptance token to process redemptions.
The hacker returned almost all recoverable funds following an ultimatum from project developers on April 4, and the rest was recovered due to the rising price of Ether. The hacker returned 100 ETH to an individual who claimed to have lost their life savings, which prompted the individual to donate 12 ETH to the Euler treasury. However, 1,100 ETH is still labeled as irrecoverable after the hacker sent the coins to cryptocurrency mixer Tornado Cash.