Euler Finance cofounder loses private key and, with it, $3.8 million

As Euler Finance tried to recover from a massive hack in March 2023, and as founder co-founder Michael Bentley was dealing with matters in his personal life, he "made an error and it turns out that one of the private keys [to his personal crypto wallet] is no longer recoverable". The private key would have allowed him to recover assets from his hardware wallet, which had made his assets inaccessible after a malfunction.

With the malfunctioning hardware wallet and no recovery key, Bentley has lost access to assets including 1.2 million EUL tokens — over 4% of the total EUL token supply. These tokens are priced at about $3.8 million today, though at other times the tokens would have been worth up to about $15 million.

"I've now lost a substantial percentage of the crypto assets I held in cold storage, accumulated over more than seven years, including the majority of the EUL allocated to me for participating in Euler governance," said Bentley.