Lazarus Group was initially sanctioned by OFAC in 2019 and has been involved in several exploits. In addition to the $625 million exploit of Axie Infinity’s Ronin network, it was also behind last year’s $100 million Harmony bridge hack.

Euler Finance, on the other hand, was exploited in a flash loan attack on March 13th.

Further investigation revealed that the vulnerability remained on-chain for eight months prior to the exploit despite a $1 million bug bounty in place.

Over a period of two years, six security firms namely  – Halborn, Solidified, ZK Labs, Certora, Sherlock, and Omnisica – conducted ten separate audits on the lending protocol, according to Euler Labs CEO Michael Bentley.