Euler Finance Announces User Redemption Plan: Recovered Funds and Next Steps
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
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
Euler Finance, the decentralized finance lending protocol, recently announced a user redemption plan on April 6th, 2021. The plan aimed to recover the stolen funds from an attack that took place earlier in the month. In this article, we will delve into the details of the plan, the amount of funds that were recovered, and what this means for the future of Euler Finance.
Overview of Euler Finance’s User Redemption Plan
The user redemption plan that Euler Finance initiated was a multipronged approach to recover the stolen funds. The plan included the following steps:
– Recover stolen funds from the attacker’s wallet
– Recover stolen funds from Tornado Cash mixer
– Return unrecycled funds to the users
– Return the remaining funds to Euler DAO vault
– Distribute tokens to eligible Euler stakeholders
Recovered Funds from the Attacker’s Wallet
A total of 1100 ETHs were sent by the attacker to Tornado Cash and 100 ETHs were sent to the Ronin attacker’s address. However, Euler Finance was able to recover 95556.36059211764 ETHs and 43063729.35 DAIs from the attacker’s wallet. This is a significant amount of funds that were successfully recovered, considering the complexity of such attacks and the anonymity of crypto transactions.
Recovery of Stolen Funds from the Tornado Cash Mixer
The next step of the plan involved the recovery of funds that were sent to Tornado Cash, which is a privacy-focused Ethereum mixer. Euler Finance was able to recover the remaining unrecycled funds, which amounted to 1100 ETHs.
Return of Unrecycled Funds to the Users
The user redemption plan also aimed to return the unrecycled funds to the users. The attacker had directly returned 100 ETHs to the user, and the user had then returned 12 ETHs to the Euler DAO vault. Euler Finance was also able to recover 3396964 USDCs and 1007321 DAIs from the Sherlock protocol. This shows the transparency and accountability of Euler Finance, which is a crucial aspect of decentralized finance.
Return of Remaining Funds to Euler DAO Vault
The remaining funds have been returned to the Euler DAO vault, which will help strengthen Euler Finance’s ability to recover from such incidents in the future. The funds will also help improve the protocol’s security measures to prevent such incidents from happening.
Distribution of Tokens to Eligible Euler Stakeholders
Euler Finance will distribute tokens to eligible Euler stakeholders. The tokens will not only compensate for the losses occurred but also encourage people to hold Euler Finance’s tokens. This not only helps to boost the project’s image but also strengthens Euler Finance’s stakeholder community.
Conclusion
To conclude, Euler Finance’s user redemption plan has set a new standard of transparency and accountability in the DeFi space. The plan shows that Euler Finance is committed to protecting its users’ funds and using all means necessary to recover stolen assets. Euler Finance’s user redemption plan is an excellent model for other DeFi protocols to follow in case of a similar incident.
FAQs
Q: What Was Euler Finance’s User Redemption Plan?
A: Euler Finance’s user redemption plan aimed to recover stolen funds from an attack that took place on April 6th, 2021. The plan included various steps like recovering stolen funds from the attacker’s wallet, recovering funds from Tornado Cash mixer, returning unrecycled funds to users, returning the remaining funds to Euler DAO vault, and distributing tokens to eligible Euler stakeholders.
Q: How Much Money Was Recovered?
A: A total of 95556.36059211764 ETHs and 43063729.35 DAIs were recovered as part of Euler Finance’s user redemption plan.
Q: What Does This Mean for the Future of Euler Finance?
A: Euler Finance’s user redemption plan has set a new standard of transparency and accountability in the DeFi space. The plan shows that Euler Finance is committed to protecting its user’s funds and using all means necessary to recover stolen assets. This will help Euler Finance to strengthen its security measures and improve the protocol’s user experience.
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