An intriguing development has emerged in the world of cryptocurrency, as addresses linked to the Euler DeFi protocol exploit and the previous hack of Axie Infinity's Ronin network appear to be interacting without any clear explanation.

According to on-chain data analyzed by Look on Chain, an address under the control of the Euler Finance exploit entity has transferred 100 Ether (worth approximately $170,515) to a wallet associated with the Ronin network hack perpetrated by the notorious Lazarus Group.

It remains uncertain whether the Lazarus Group played a role in the attack or if there is any connection between the group and the entity responsible for exploiting Euler Finance. Notably, the U.S. Department of the Treasury designated the Lazarus Group as a sanctioned entity in April, and the Federal Bureau of Investigation (FBI) previously identified them as responsible for the theft of $100 million in cryptocurrency from Horizon Bridge, along with the North Korean hacking group APT38.

The total amount lost due to the Euler Finance exploit was nearly $200 million in various cryptocurrencies, including DAI, wrapped bitcoin, sETH, and USDC.

It's worth noting that the attacker responsible for the Euler Finance exploit did not technically hack the protocol by breaking its code but instead used a flash loan to manipulate internal markets and drain the treasury. This method is similar to what was used in October 2022 to target the Solana-based protocol Mango Markets, which led to the arrest of Avraham Eisenberg in late December. Currently, the price of Euler's token, EUL, is trading at $1.85, a decline of nearly 74% over the past week, according to CoinGecko.


Mar 17, 2023
Crypto News

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