Euler Finance opens redemptions after hacker returns funds
The Ethereum lending protocol was exploited in a $197 million flash loan attack in March. On April 12, Ethereum-based noncustodial Lending protocol Euler Finance announced that it would open redemption s after hacker s return ed the vast majority of assets stolen in a $197 million flash loan exploit last month. Euler says it will repay all sub-account liabilities at the block the protocol was disabled on March 13. The on-chain price oracle, provided by either Uniswap or Chainlink, will determine the Ether (ETH) value of assets and liabilities. The company explained: "Markets that have bad debt in excess of reserves (a few long-tail markets that suffered oracle attacks) will have the bad debt proportionally distributed amongst depositors in the market." Euler has created a smart contract containing funds for all exploited addresses, with an embedded Merkle Tree. In order for redemptions to be processed, users' addresses need to pass the Merkle proof of validity and ...