Editor’s note: This article tells the story of the March 2023 Euler V1 exploit and recovery. It is preserved for historical context. Since then, Euler has been rebuilt from the ground up as Euler V2, a new modular codebase built around the Euler Vault Kit and Ethereum Vault Connector. Following the exploit, 100% of the stolen funds were recovered after negotiations with the exploiter. Euler V2 is one of the most audited protocols in DeFi history, with 50+ to date. TL;DR: * In March 2023, the

Engineering is the practice of containing complexity. A well-designed system does not require every component to understand every other component. It defines interfaces, keeps responsibilities clear, and lets each module focus on a specific job. That is how bridges, electronics, software, and financial systems are built. Components can be reused because they expose predictable properties. A chip can be tested before it is placed into a finished product. A material can be used in a bridge becau