Mar 16, 2023

Exploiter Moves $1.65M to Crypto Mixer Despite $1M Bounty

The hacker who recently conducted a $196 million attack on Euler Finance is already on the move, transferring funds through the crypto mixer Tornado Cash just hours after a $1 million bounty was launched to uncover their identity.

Blockchain analytics firm PeckShield tweeted on March 16 that the attacker had sent 1,000 Ether (ETH), worth approximately $1.65 million, to the mixer. The news came shortly after Euler Labs announced a $1 million reward for information leading to the attacker’s arrest and the return of all funds.

The bounty was launched after Euler sent an on-chain message to the attacker’s address, warning that a reward would be offered if 90% of the stolen funds weren’t returned within 24 hours.

The movement of the funds to the crypto mixer could be a sign that the hacker is not planning to comply with Euler’s amnesty offer.

Interestingly, PeckShield also noted that around 100 ETH, worth $165,202 at the time of writing, had been sent to a wallet address likely owned by one of the victims. The address had earlier sent an on-chain message pleading for the return of their “life savings.”

This prompted a number of other victims to send messages to the address in the hope of also recovering their funds. One message stated that twenty-six families from jobless rural areas had lost a million USDT in total, adding that their share of funds in the protocol was the “life-savings from our past decades of work in factories.”

Another apparent victim congratulated the hacker on their “big win” and said they had invested funds into Euler they “desperately needed” for a house.

According to on-chain data, the $196 million stolen from Euler consisted of Dai (DAI), USD Coin (USDC), staked ETH and wrapped Bitcoin (WBTC).

The attack on Euler Finance has highlighted the importance of NFT marketing and promotion. The use of Twitter NFT marketing and the engagement of a web3 agency to help with the selling of NFTs could have been used to help protect the platform from such a large attack.

NFT marketing agencies specialize in helping to create and promote NFTs, as well as helping to market them to potential buyers. They can also provide advice on the best strategies for selling NFTs and ensure that the NFTs are properly promoted on social media platforms such as Twitter.

By engaging the services of a web3 agency, Euler Finance could have been better prepared for the attack and the potential losses that occurred. It is important for crypto projects to ensure they are engaging the right professionals and using the right strategies to protect their platform and their users.

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