Euler Finance, a non-custodial lending protocol built on Ethereum, is attempting to negotiate a settlement with the hacker who stole millions of dollars from the protocol. Euler also threatens to sue them if they fail to comply with the conditions.
On March 14, Euler Labs sent the request to the flash loan attacker responsible for exploiting the platform to $196 million by sending the hacker 0 ether (ETH) and an attached message. Euler Finance demands to return 90% of the funds the hacker stole within the next 24 hours or face legal repercussions.
If the assets are not returned in time, Euler promises a $1 million reward for information that leads to the hacker’s arrest and results in the restoration of all assets.
The previous message to the hacker sent by Euler earlier was way more polite:
“We realize you are responsible for this morning’s assault on the Euler platform, and it was clear that they were pointing the finger at them. We are writing to see if you would be open to talk with us about any possible future steps. If so, we would very appreciate it.”
In response to the demand that 90% of the funds be returned, the hacker would hand over $176.4 million while keeping the remaining $19.6 million. Nevertheless, several commentators have pointed out that the hacker has very little to no reason to carry out the terms of the agreement that has been offered.
According to Euler Labs, the company has already enlisted the cooperation of US and UK law enforcement, blockchain intelligence platforms Chainalysis, TRM Labs, and the greater ethereum community to identify and apprehend the hacker.