Michael Bentley will leave day-to-day CEO duties for an advisory/product role and be replaced by Jonathan Han. Euler is pivoting from a fully permissionless model toward building bespoke credit markets for fintech and institutional participants. Bentley noted the protocol’s post-2023-hack recovery—about $200M lost in a flash-loan exploit, later growing to over $4B in deposits and TVL above $2B by October—but TVL has since fallen to roughly $1B. After the leadership announcement EUL dropped more than 7% to $2.64.

Facts: founder Michael Bentley is stepping back into an advisory/product role and Jonathan Han becomes CEO; Euler is formally pivoting from permissionless lending toward bespoke institutional credit markets; the story cites a >7% immediate EUL price drop to $2.64 and TVL decline to ~ $1B; the summary references the 2023 flash-loan exploit (~$200M loss) and prior deposits/TVL highs (>$4B deposits, TVL >$2B).