Euler Finance Hacker Sent 100 ETH To Ronin Bridge Exploiter
People need to find out why addresses associated with a recent exploit of the Euler DeFi protocol and a breach of Axie Infinity’s Ronin network from last year are interacting.
According to on-chain data discovered by Lookonchain, the group that violated Euler Finance’s protocol earlier this week sent 100 ether (ETH) worth $170,515 to a wallet associated with Lazarus Group’s breach of the Ronin network.
Euler Finance Exploiter transferred 100 $ETH to Ronin Bridge Exploiter(stole 173,600 $ETH and 25.5M $USDC).
Ronin Bridge Exploiter was listed by #OFAC as Lazarus Group – the North Korean state hacking group.
Are the two hackers the same person or was it intentional? pic.twitter.com/aPzOkSlXb6
— Lookonchain (@lookonchain) March 17, 2023
It is unknown if Lazarus Group was also responsible for the attack or if the group and the entity that exploited Euler Finance are affiliated.
In April last year, the U.S. Treasury Department added Lazarus Group to its list of designated entities. In January, the FBI said that Lazarus Group and APT38 were behind the seizure of $100 million worth of cryptocurrency assets from Horizon Bridge. The North Korean government oversees the cybercrime group Lazarus Group.
In total, nearly $200 million in primarily DAI, wrapped Bitcoin (WBTC), staked ether (sETH), and USDC were stolen through Euler Finance.
The person who did the exploit didn’t necessarily “hack” the system or break its code to get in. Instead, he used a flash loan to manipulate internal markets and drain the system’s funds.
In October last year, a similar scheme was used to manipulate the Solana-based Mango Markets protocol to deplete its funds. The person responsible for the lie, Avraham Eisenberg, was caught in Puerto Rico at the end of December.
According to CoinGecko, the recent price of Euler’s token, EUL, was $1.85. In the past week, it’s dropped nearly 74%.