Euler Finance hacker sent 100ETH to Ronin Bridge exploiter News ▸ North Korea ▸ Ethereum ▸ Crime
Euler Finance hacker sent 100ETH to Ronin Bridge exploiter
Euler Labs CEO Michael Bentley tweeted on March 17 that the DeFi protocol's exploited lines of codes were previously audited.
2 min read
Updated: Mar. 17, 2023 at 9:34 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Euler (EUL) Finance exploiter sent 100 Ethereum (ETH) — worth $170,468 — to the Ronin Bridge exploiter on March 17.
On-chain analyst Lookonchain questioned whether the transaction showed that the two hackers were the same person or if the transfer was intentional.
The Ronin Bridge exploit was linked to the infamous North Korean hacker group Lazarus — circulating speculations of whether the group was also behind Euler Finance’s exploit.
Meanwhile, the transaction does not provide conclusive evidence about the relationship between both parties. The Euler Finance attacker had tried to obfuscate his transactions through sanctioned mixing protocol Tornado Cash. The attacker also sent 100 ETH to one of the victims of the exploit.
The Lazarus group was responsible for the $625 million Ronin bridge exploit in March 2022, according to the Federal Bureau of Investigation (FBI). The US Department of the Treasury added the hacker group to its Office of Foreign Assets Control (OFAC) sanctions list.
The FBI has also held Lazarus Group and APT38 as responsible for the $100 million exploit of the Horizon bridge. Although the North Korean government has denied sponsoring Lazarus and APT38, law enforcement agencies have linked several crypto attacks to North Korean hackers.
Euler Labs CEO said exploited codes were audited
The Euler Labs CEO Michael Bentley said the DeFi protocol has always been a security-minded project, adding that its smart contracts — including the vulnerable lines of code — were audited.
Bentley was responding to a victim who tweeted that the protocol had had ten different audits from six firms between 2021 and 2022.
In a March 17 Twitter thread, Bentley said this was the most challenging period of his life as he had to sacrifice time with his newborn son. For this, he said he would never forgive the attacker.
The CEO reiterated the project’s commitment to finding the attacker, urging anyone with information that could lead to his arrest to come forward.
Bentley concluded that:
“Everyone associated with Euler is working tirelessly to achieve the best possible outcomes as quickly as possible.”
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Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Euler
$3.80758
Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third party.
Euler Labs
Euler Labs is a team of software engineers and quantitative analysts specialising in the research and development of financial applications.