JAKARTA - Euler Finance, an Ethereum-based non-custodial lending protocol, was attacked by cyber criminals who managed to steal 196 million US dollars (IDR 3 trillion) on March 13, 2023. To solve this problem, Euler Labs, the party that manages the Euler Finance protocol, sent an ultimatum to the criminal to return 90% of the stolen funds within 24 hours or face legal consequences.

"We understand that you are responsible for the attack on the Euler platform this morning," reads the message, quoted by Cointelegraph. "We are writing to ask if you are open to talking to us about possible next steps."

Previously, Euler Labs had sent a friendlier message to the criminal, asking the criminal to discuss possible next steps. However, many observers have noted that the criminal has little to no incentive to solve the problem. A refund request of 90% will make the criminal return 176.4 million US dollars (IDR 2.7 trillion) while keeping the remaining 19.6 million US dollars (IDR 303 billion). However, one observer responded jokingly to Euler Labs' post. "If I were a hacker, I'd just say 'to anyone who manages to track me down, I'll give $2 million not to tell Euler,'" the observer said.

Euler Labs said it is working with law enforcement in the United States and the United Kingdom, along with blockchain platform Chainalysis, TRM Labs, and the broader Ethereum community, to help track down these criminals. Euler Labs was also able to quickly stop flash loan attacks by blocking “vulnerable” deposit and donation functions.

Euler's team explained that the vulnerability in their smart contract was "not found" in a previously conducted audit, even though the contract had existed for eight months before being exploited on March 13. Additionally, Euler Labs announced that they will be updating and strengthening their security systems to prevent similar attacks in the future.

This situation shows the importance of careful security testing before launching smart contracts on the blockchain and how security risks can impact DeFi protocols.


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