Euler, Allbridge Exploits Resolved as Hackers Return Funds

All’s Well That Ends Well?

Euler Labs and Allbridge are ready to move on after hackers decided to voluntarily return funds stolen in two separate exploits. Euler was attacked March 13 and lost some $200 million, while Allbridge was exploited for $570,000 on April 1.

Euler said they had received “all recoverable funds,” while Allbridge got back 1,500 $BNB, meaning the Allbridge hacker kept about $100,000 as a “white hat bounty.”

At the time of the exploit, Euler’s token plummeted, losing more than 70% of its value, according to CoinGecko. It has since been on a recovery trajectory, although it is still down by nearly 50% from its price at the beginning of March.

CZ responded to the news of the Allbridge recovery, saying, “A lot of work goes on behind the scenes to increase security of the industry. Stay #SAFU. 🙏”

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What Is Allbridge:

Allbridge describes itself as a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM (Like Ethereum, Polygon, BSC) and non-EVM compatible (like Solana, Terra) blockchains, that aims to cover L2 (like Arbitrum, Optimism) solutions and NFT transfers in the future.

Allbridge’s mission is to make the blockchain world borderless and provide a tool to freely move assets between different networks.

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