Euler Finance Hacker Rejects Bounty, SVB Financial Group Files for Bankruptcy

Mar 17, 2023
Market Update Markets have largely received news of the Fed's balance sheet expansion to $8.6T earlier this week to be favorable but concerns around the stability of regional banks still loom. $SPX (-1.3%)and $QQQ (-1.0%) have opened lower today after First Republic Bank received its $30b infusion from other banks. $BTC (+6.0%) briefly traded at $27k this morning before retracing to right below it, while $ETH (+3.6%) did not break its $17.8k high from earlier in the week. Across the Top 100, Conflux ($CFX) and Stack ($STX) have been the top gainers over the past week. The former benefitted from the 'China narrative,' ranking 7th in 24H volume in the top 100. We wrote about Stacks' potential for growth two weeks ago. The hacker behind the $200m hack of Euler Finance, a lending protocol, rejected the protocol's offer of $20m and instead used Tornado Cash to obfuscate 1k ETH (~$1.65m). Euler Finance had publicly offered the attacker 10% of the stolen funds if they returned the rest, but the attacker did not take the deal. However, the hacker did send 100 ETH to one of the victims. After being hidden for eight months, the vulnerability in the protocol's donation mechanism allowed the hacker to create an overlevered position that, when liquidated in the same block, artificially c

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