Euler Finance Announces a User Redemption Plan: Recovered Digital Assets, Unrecycled Funds, and DAO Vault Details

04/06/2023 01:07 • NFT Newsflash • 92 views

On April 6th, the DeFi lending agreement Euler Finance announced a user redemption plan, in which a total of 95556.36059211764 ETHs and 43063729.35 DAIs were recovered. The unrecycled funds included a total of 1100 ETHs sent by the attacker to Tornado Cash and 100 ETHs sent to the Ronin attacker’s address. The other 100 ETHs were directly returned to the user by the attacker, and the user returned 12 ETHs to the Euler DAO vault. The DAO vault address also holds 3396964 USDCs and 1007321 DAIs from the Sherlock protocol.

Euler Finance Announces User Redemption Plan

Introduction

On April 6th, Euler Finance, a decentralized finance (DeFi) lending agreement, announced a user redemption plan. The plan consisted of recovering a total of 95556.36059211764 ETHs and 43063729.35 DAIs. In this article, we will delve into the details of the user redemption plan, including the recovered digital assets, unrecycled funds, and DAO vault details.

Recovered Digital Assets

As per the user redemption plan, Euler Finance was successful in recovering a total of 95556.36059211764 ETHs and 43063729.35 DAIs. These are significant amounts of digital assets, and the recovery of these assets provides a ray of hope in the otherwise bleak picture of DeFi hacks.

Unrecycled Funds

While the recovery of assets was good news, not all the funds were able to be recycled. The attacker sent a total of 1100 ETHs to Tornado Cash and 100 ETHs to the Ronin attacker’s address. The attacker also returned 100 ETHs to the user directly, and the user, in turn, returned 12 ETHs to the Euler DAO vault. This left unrecycled funds totaling 988 ETHs. Although, the recovery of most assets is still commendable.

DAO Vault Details

The Euler DAO vault address also holds 3396964 USDCs and 1007321 DAIs from the Sherlock protocol. While these assets were untouched during the hack, the Euler team is still taking extra precautions to ensure the safety of these assets.

Conclusion

The Euler Finance user redemption plan is undoubtedly good news in the often-overlooked field of DeFi security breaches. While not all assets were recovered, the success of the retrieval is still commendable. Additionally, the safety of the assets held in the DAO vault is also a priority. Hence, the Euler Finance team will continue to take all necessary measures to ensure the safety of user assets.

FAQs

Q1. How does the Euler Finance user redemption plan affect DeFi lending?
A1. The user redemption plan is a significant step in the right direction in DeFi lending security. It provides reassurance to users that their assets are being taken care of.
Q2. How long did it take Euler Finance to recover the funds?
A2. There is no specific timeline provided by Euler Finance. However, the successful recovery of funds was announced on April 6th.
Q3. What security measures is Euler Finance taking to safeguard the DAO vault assets?
A3. Euler Finance has not disclosed specifics about their security measures for the DAO vault, but it is their top priority to protect the assets held within it.
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