Euler Finance To Launch User Redemption Plan

The fund recovered totaled around 95,556 ETH (95,556,36059211764 ETH) and 43.06 million DAI (43,063,729.35 DAI).

A plan for redemption of Euler users has been published: https://t.co/bjqhajQB1f

— Euler Labs (@eulerfinance) April 5, 2023

The attacker delivered a total of 1,100 ETH to Tornado Cash and 100 ETH to the Ronin attacker, and the remaining 100 ETH was returned to the user directly by the attacker, and the user remitted 12 ETH to the Euler DAO vault.

The DAO vault address also has about 3.5 million (3,396,964) USDC and 1 million (1,007,321) DAI in insurance payments through the Sherlock protocol.

Euler Finance intends to repay all liabilities when the protocol is disabled for each sub-account, at which point the on-chain oracle price (Uniswap or Chainlink, depending on the market) defined in the smart contract is used to determine the ETH value of assets and liabilities, and each asset of the account (non-collateral) is used proportionally to service the liability.

The overall equity will be calculated by adding all account equity, and each account will be entitled to claim the recovered ETH, DAI, and USDC in proportion to its part in the total equity. If the recovered amount is more than the entire net asset value, the surplus will be allocated among users pro rata.

On March 13, Euler Finance was victimized by a flash loan exploit, which robbed the protocol of $196.9 million in multiple cryptocurrencies.

Shortly after, the attackers transmitted part of the coins to the Tornado Cash mixing service, defying Euler’s demand for the money’s return and taking advantage of a $1 million reward for information leading to the hackers’ identification and arrest.

The hackers responsible for the roughly $200 million assault on the protocol, according to Euler Finance, have refunded all recoverable money.

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