Hacked DeFi platform, Euler Finance releases funds redemption details
Ethereum (ETH)-based decentralized finance (DeFi) protocol, Euler Finance has released the token redemption plan for users affected by the flashloan attack it suffered last month.
Euler Finance users to get reimbursed
After successfully recovering nearly all the stolen funds from the bad actors that orchestrated a flash loan attack on its DeFi lending and borrowing protocol last month, the ethereum-powered Euler Finance has released details concerning its users’ reimbursement plans.
According to the team, the attackers converted the stolen funds into ETH and the DAI stablecoin during the heist and Euler Finance has made it clear that these funds will be sent back to all affected users.
The team says it will determine what is due to each user by simulating the liabilities at the block the protocol was halted.
“The on-chain oracle price (either Uniswap or Chainlink, depending on the market) as defined in the smart contract at this time is used to determine the ETH value of the assets and liabilities, and each of the sub-accounts assets (including non-collateral assets) is proportionally used to repay the liability, assuming no slippage.”Euler Finance.
Euler Finance says it was able to recover a total of 95,556.36059211764 ETH and 43,063,729.35 DAI after successful negotiations with the hacker.
However, it was unable to recover the 1,100 ETH sent by the hacker to the Tornado Cash mixer, as well as the 100 ETH sent to the Ronin attacker.
The team has stated that the remaining funds currently available in the Euler contract will be claimable by eligible users as ‘original tokens,’ in proportion to their deposit amounts versus total market deposits.
A user will only be able to claim their full deposited amount of tokens if the remaining balances on the protocol are larger than the sum of all user deposits.