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- Euler DeFi hackers returned 45% of stolen funds; EUL token price Jumped 40%.
- Hackers wiped out approximately $200 million from Euler protocol on March 13, 2023.
Euler Finance, a DeFi Protocol, was hacked by a group of unidentified hackers who stole around $200 million. According to data from blockchain explorer Etherscan, over 51,000 Ethers were sent back by Hackers to the Euler account on March 25, 2023.
Data from Etherscan also shows that hackers initiated several other transactions and have transferred DAI stablecoins to different wallet addresses. Earlier this week, Euler Finance offered a $1 million reward for the exploiters to return the wiped-out amount. The developer requested to return 90% of the hacked funds on time.
Hackers wiped out $200 million from Euler in four transactions in four different currencies – Dai (DAI), USD Coin (USDC), staked ether (sETH) and Wrapped BTC (wBTC).
On the other hand, the price of Euler protocol’s native token, EUL, fell dramatically following the news of the attack. EUL token fell 50% hours after the news of the exploit on its protocol.
After the hack on March 13, 2023, EUL token prices degraded by over 50% in just a few hours. It is important to note that after hackers returned the $90 million, EUL token price accelerated and gained 25% in just 24 hours.
At press time, EUL token was trading at $3.67 with a 24-hour trading volume of $8,518,767. The token is ranked 2626 on Coinmarketcap(dot)com.
In the last 24 hours, EUL token’s lowest trade was $2.7039; the highest trading price was around $4.4757. Euler token shows rising investor interest with the rise in volumes in the recent trading sessions.
The bulls look aggressive as the sharp move in the last 2 sessions shows that the buyers are willing to retest the 20-day EMA. Moreover, a “W” pattern formation on the charts shows that the price is near the neckline at $4.000, which, if it breaks, will lead to a rally toward the trajectory mark of $4.80 and $5.50. Moreover, price action shows a bullish trend, where bulls are gradually attaining momentum with an increase in delivery volume.
Summary
Euler token looks to retest 20-day EMA and register a breakout in the “W” pattern. Moreover, the token shows bullish cues gaining more than 40% in the last 2 trading sessions, showing strong buyer interest. However, the bulls need to close and sustain above $4.00 which will bring more strength, positioning the bullish trend.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
