Euler Finance hacker mixing the stolen funds on Tornado Cash

The hacker who stole almost $200 million from Euler Finance by exploiting a vulnerability on its flash loan smart contract has moved some of the stolen tokens through mixing protocol Tornado Cash. The attacker stole Dai (DAI/USD), USD Coin (USDC/USD), staked ETH and wrapped Bitcoin (WBTC).

Since the exploit took place, blockchain analytics firm Nansen has been tracking the exploiter’s fast-progressing movements. This morning Alex Svanevik, Co-founder & CEO of Nansen, tweeted a breakdown of the latest transactions carried out by the exploiter.

1,000 ETH moved through Tornado Cash

The hacker started moving the funds just hours after a $1 million bounty was launched by Euler Labs for information leading “to the Euler protocol attacker’s arrest and the return of all funds.” A day earlier Euler Labs had also sent an on-chain message to the hacker’s address, warning it would launch a bounty for their arrest if the funds are not returned.

According to blockchain analytics firm PeckShield, the hacker transferred 1,000 Ether (ETH) (worth about $1.65 million) through the sanctioned Tornado Cash.

Interestingly, before moving the funds to Tornado Cash, the hacker apparently refunded one of the exploit’s victims after the victim asked the attacker to return their “life savings.” The refund spurred a slew of on-chain messages from other victims.

EUL token on a free fall

On the day of the exploit, the price of EUL, the native token of the Euler Finance protocol, immediately plunged by more than 52%. The price dropped from $6.4824 to $3.0184 within hours.

The token has not recovered from the fall. It has dropped further to trade at $1.66 at press time. The token has shed more than 30% today alone.

It is however worth noting that the price of EUL has been on a bearish trend since February 28, and the exploit only aggravated the situation.

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