Morrison Foerster helped negotiate the return of nearly $200 million in digital assets for Euler, three weeks after these assets were stolen, completing one of the largest recoveries in decentralized finance (DeFi) history.
On March 13, a hacker carried out an exploit that resulted in an unlawful theft of approximately $200 million in various cryptocurrencies. The attacker then engaged in certain actions to secure the stolen funds and to begin to try to launder the funds. The incident promptly began a round-the-clock investigation as well as negotiations with the attacker for the return of assets. Euler noted after the recovery that MoFo’s team was“crucial to recovering the funds[.]”
The global Morrison Foerster team advising Euler was led by Securities Litigation, Enforcement, and White Collar Defense partner Wil Frentzen and Mike Burshteyn from the Privacy + Data Security Group in San Francisco. Support was also provided by Alex Iftimie in San Francisco; Rachel Fiorill in Washington D.C.; Will Baker in San Diego; Marijn Storm in Brussels; and members of MoFo’s team in London including Paul Friedman, Chiraag Shah, Gareth Rees, Annabel Gillham, Amrit Khosa, and Oliver Spratt.