The Euler Finance community is voting to return funds recovered from the hack.
Euler Finance recovered some of the funds after the hack in March. The community is discussing the repayment of the recovered funds.
Euler Finance Discusses Return of Hack-Saved Funds
Euler Finance, a decentralized finance (DeFi) lending protocol, suffered a $200 million hack in March. However, the attacker’s apology, along with all the “recoverable funds” retrieved last week, allowed the community to focus on recovery efforts. The Euler Finance Community will now hold a vote on how soon the recovered funds will be distributed among users.
The offer, presented by co-founder Doug Hoyte, aims to get Euler users back their capital as soon as possible. The proposal was selected as the optimum approach by the Euler Foundation, Euler Labs and external consultants. According to the proposal, the community will allow Euler to calculate the value of the assets and liabilities of users affected by the hack.
The total of the recovered funds is more than 95,556 ETH and 43 million DAI. In contrast, 1,100 ETH sent to Tornado Cash and 100 ETH sent to an address associated with Lazarus Group could not be recovered. If the plan is approved, Euler users will be able to calculate the value of their assets and liabilities using the protocol’s prices before it was hacked.
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