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Euler Finance Attacker Sends Crypto to an Address Linked to North Korean Hackers

Euler Finance Attacker Sends Crypto to an Address Linked to North Korean Hackers

Suspicions were raised that North Korea might have been behind the largest DeFi attack in 2023 after over $179K worth of ETH was sent to a flagged address.

The hacker behind the Euler Finance attack moved 100 Ether (ETH) to an address previously linked to North Korean hackers.

This information allows assuming that North Korea orchestrated the attack or that it was a misdirection to lead the authorities off their trail.

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Chainalysis, a blockchain analysis firm, was the first to notice the transfer. This address was previously used in the Aixe Infinity attack, where over $500 million worth of crypto was stolen.

Chainalyis also revealed that the hackers moved 3000 ETH to the Euler protocol deployer account. It remains unclear whether the hacker has reconsidered Euler’s $20 million reward or they are just clowning around.

It is worth noting that the address was once flagged by the US Treasury Department’s Office of Foreign Assets Control (OFAC). The authority maintains a list of entities and individuals subject to restrictions and sanctions, which also includes several North Korean entities.

Following the attack, Euler Labs CEO Michael Bentley tweeted that their protocol had been audited ten times in the last two years. Six leading blockchain security firms were involved in these audits.

Many firms have created insurance funds and bug bounty programs in response to the security risk associated with DeFi protocols. Many of them have also invested heavily in independent audits.

Thus far, Euler Finance has yet to announce a compensation fund for those that lost their money during the attack.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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