SNEAK PEEK

• Addresses linked to the recent Euler Finance exploit and last year’s Axie Infinity’s Ronin network hack have interacted.
• An entity that exploited Euler Finance’s protocol sent 100 Ether to a wallet associated with the Ronin network hack.
• The linking of the two addresses raises concerns about the potential for coordinated attacks on decentralized finance protocols.

The world of decentralized finance (DeFi) has once again been hit by a concerning event, as on-chain data shows that addresses linked to the recent Euler Finance exploit and last year’s Axie Infinity’s Ronin network hack have interacted.

An entity that exploited Euler Finance’s protocol sent 100 Ether to a wallet associated with the Ronin network hack allegedly carried out by the Lazarus Group.However, it remains unclear whether Lazarus Group was involved in the Euler Finance attack or has any affiliation with the entity behind it.

Euler Finance Exploiter transferred 100 $ETH to Ronin Bridge Exploiter(stole 173,600 $ETH and 25.5M $USDC).

Ronin Bridge Exploiter was listed by #OFAC as Lazarus Group – the North Korean state hacking group.

Are the two hackers the same person or was it intentional? pic.twitter.com/aPzOkSlXb6

— Lookonchain (@lookonchain) March 17, 2023

This news raises concerns about coordinated attacks on DeFi protocols and highlights the need for increased caution when investing in these projects.

This news follows the addition of Lazarus Group, the North Korean hacking group believed to be behind the Ronin network hack, to the U.S. Department of Treasury’s list of designated entities in April. 

The Federal Bureau of Investigation (FBI) had accused Lazarus Group and APT38, two North Korean hacking groups, of being responsible for stealing $100 million in cryptocurrency from Horizon Bridge.

It is essential to keep in mind that the attacker did not necessarily “hack” the system or break its code in order to gain access to the network. Instead, the attacker used a flash loan to manipulate the system’s internal markets with the intention of draining the system’s treasury of resources.

The linking of the two addresses has raised concerns about the potential for coordinated attacks on decentralized finance protocols. As the DeFi sector continues to grow, it remains vulnerable to such attacks, and investors must exercise caution while investing in DeFi projects.
According to CoinMarketCap data, the price of Euler is currently trading in a bearish trend, with a price decrease of 17.24% and is currently trading at $1.84 with a trading volume of $3,040,631, a decrease of 44.63% in the last 24 hours.

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• Source: https://investorbites.com/addresses-linked-to-euler-finance-exploit-and-ronin-network-hack-interact/