UwU Lend

Arkham

<p class="is-style-lead">UwU Lend, a lending and liquidity protocol, has reportedly been targeted by an exploit amounting to $19.3 million.&nbsp;</p> 
<p>A malicious hack recently targeted the decentralized lending <a href="https://crypto.news/uwu-lend-integrates-curve/" target="_blank" data-type="link" data-id="https://crypto.news/uwu-lend-integrates-curve/" rel="">platform</a>. Reports from the blockchain security firm <a href="https://x.com/ArkhamIntel/status/1800143513016750135" target="_blank" rel="">Arkham</a> indicate that unknown perpetrators stole $19.3 million from the lending protocol.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">UWU almost certainly hacked <a href="https://t.co/bvv0gDY4LQ" target="_blank" rel="">https://t.co/bvv0gDY4LQ</a> <a href="https://t.co/HsgIakHOgr" target="_blank" rel="">pic.twitter.com/HsgIakHOgr</a></p>— Togbe (@Togbe0x) <a href="https://twitter.com/Togbe0x/status/1800140412574920821?ref_src=twsrc%5Etfw" target="_blank" rel="">June 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The incident highlights ongoing security vulnerabilities in the DeFi sector, raising concerns about the safety of digital assets on decentralized platforms.</p> 
<h2 class="wp-block-heading" id="the-hack">The hack</h2> 
<p>The blockchain data indicates that the perpetrator transferred the stolen funds through multiple wallet addresses. According to a crypto user on the blockchain explorer <a href="https://etherscan.io/address/0x841dDf093f5188989fA1524e7B893de64B421f47#tokentxns" target="_blank" rel="">Etherscan</a>, the perpetrator utilized Curve LlamaLend as the “exit liquidity” for the attack.</p> 
<p>On-chain data shows that one wallet siphoned a collection of tokens, including wrapped ether (WETH), wrapped bitcoin (WBTC) and stablecoins, before trading the majority of it out on Uniswap.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨ALERT🚨Hey <a href="https://twitter.com/UwU_Lend?ref_src=twsrc%5Etfw" target="_blank" rel="">@UwU_Lend</a>, you are being attacked!<br><br>So far address got around $14M<br><br>More update will follow!<br><br>Please contact us to learn how to secure your digital assets!<a href="https://twitter.com/hashtag/CyversAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#CyversAlert</a> <a href="https://t.co/IND77hbTbH" target="_blank" rel="">pic.twitter.com/IND77hbTbH</a></p>— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1800139071857316328?ref_src=twsrc%5Etfw" target="_blank" rel="">June 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>UwU Lend claims to have never been hacked since its inception in 2022 but they <a href="https://x.com/UwU_Lend/status/1800159455767843009" target="_blank" rel="">posted</a> on X stating that “The protocol was paused a little under an hour ago while the team investigates the situation. Please rest assured that we were made aware of the situation immediately and are taking all necessary steps, doing our best here. Stay tuned for further updates.”&nbsp;</p> 
<p>UwU Lend is based on the open-source AAVE v2 codes and offers lending, borrowing, and staking services. Users receive 100% of platform revenues in the form of a token called UwU.</p>

UwU Lend hacked out of $19.3 million

Table of Contents

crypto.news

Other articles published on Jun 10, 2024

Qubetics Whitelist Sparks Investor Frenzy, Outshining Binance's Security Concerns and VeChain's E...

Using MAR Mining Platform to Easily Earn $1,000 a Day in 2024

OpenAI Boosts Team with CFO Sarah Friar and CPO Kevin Weil

Which Meme Coin Can Give 100x Returns In 2024

Economist Predicts Significant Rise in Altcoin Market

Hong Kong Could Offer Staking With Ethereum ETF While Angry Pepe Fork Introduces Presale Staking ...

Join our free newsletter for daily crypto updates!