The Lazarus Group was behind the $625 million exploit of Axie Infinity’s Ronin network in March 2022.

Addresses associated with a recent exploit of the Euler DeFi protocol, and last year’s hack of Axie Infinity’s Ronin network are interacting and nobody knows why.

On-chain data first spotted by Look on Chain shows that an address controlled by the entity that exploited Euler Finance’s protocol has sent 100 Ether ($170,515) to a wallet associated with Lazarus Group’s Ronin network hack.

It’s unclear if Lazarus Group is also behind the attack, or if there’s any sort of affiliation with them and the entity that exploited Euler Finance.

The U.S. Department of the Treasury added Lazarus Group to its list of designated entities in April. In January, the Federal Bureau of Investigation (FBI) said that Lazarus Group, along with fellow North Korean hacking squad APT38, were responsible for the theft of $100 million in crypto assets from Horizon Bridge.

In total, Euler Finance was exploited for nearly $200 million in crypto largely denominated in DAI, wrapped bitcoin, staked ether (sETH), and USDC.

It’s important to note that the attacker behind the exploit didn’t necessarily “hack” it, or break its code to intrude inside, but rather manipulated internal markets via a flash loan to drain its treasury.

In October 2022, a similar scheme was used to manipulate the Solana-based protocol Mango Markets to drain its treasury. The individual behind the exploit, Avraham Eisenberg, was arrested in Puerto Rico in late December.

The price of Euler’s token, EUL, is currently trading for $1.85 according to CoinGecko. It’s down nearly 74% over the past week.

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Euler has sent multiple on-chain messages to the attacker in the past 48 hours.

Decentralized lending protocol Euler Finance will offer a $1 million reward for information about the attackers behind its nearly $200 million exploit that occurred Monday.

In on-chain messages sent from Euler’s deployer contracts, developers said: “Following up on our message from yesterday. If 90% of the funds are not returned within 24 hours, tomorrow we will launch a $1M reward for information that leads to your arrest and the return of all funds.”

The move followed another message to the exploiters in late U.S. hours on Monday. “We understand that you are responsible for this morning’s attack on the Euler platform. We are writing to see whether you would be open to speaking with us about any potential next steps,” developers said.

The lending protocol suffered an exploit on Monday that resulted in almost $200 million being lost over four transactions in dai (DAI), wrapped bitcoin (WBTC), staked ether (sETH) and USDC.

The attacker used a flash loan to conduct the attack by temporarily tricking the protocol into falsely assuming it held varying amounts of eToken and dToken, as CoinDesk explained.

Euler’s native EUL tokens continued sliding for the second day, falling 16% in the past 24 hours, CoinGecko data shows.

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