Due to a rally in the price of Ethereum, Euler Finance's recovered funds are now worth more than before the $197 million exploit.
On April 12, Ethereum-based noncustodial lending protocol Euler Finance announced that it would open redemptions after hackers returned the vast majority of assets stolen in a $197 millionEuler says it will repay all sub-account liabilities at the block the protocol was disabled on March 13. The on-chain price oracle, provided by either Uniswap or Chainlink, will determine the Ether value of assets and liabilities.
"Markets that have bad debt in excess of reserves will have the bad debt proportionally distributed amongst depositors in the market." Euler has created a smart contract containing funds for all exploited addresses, with an embedded Merkle Tree. In order for redemptions to be processed, users' addresses need to pass the Merkle proof of validity and"an acceptance token that is individually computed for each account, and confirms that the account holder agrees with the terms and conditions."
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