Hacker drains $19.5 million from UwU Lend in price oracle exploit
Hacker drains $19.5 million from UwU Lend in price oracle exploit Hacker drains $19.5 million from UwU Lend in price oracle exploit
DeFillama information presentations the platform's TVL rose 135% despite the attack.
Duvet artwork/illustration via CryptoSlate. Image comprises mixed converse that would include AI-generated converse.
Blockchain security firm Cyvers Alert reported a main exploit on the DeFi lending protocol UwU Lend, which resulted in an roughly $19.5 million loss.
The attacker funded their pockets via the sanctioned crypto mixer Tornado Money.
Cyvers co-founder and CTO Meir Dolev suggested CryptoSlate in a June 10 statement:
“The UWU lending contract become once exploited by an attacker that accomplished three transactions in six minutes and drained roughly $20 million.”
On-chain information unearths that the attacker’s pockets moved several digital assets, including wrapped Ethereum (WETH), wrapped Bitcoin (WBTC), and stablecoins love USDC. The attacker’s address has been tagged because the UwU Lend Exploiter on Etherscan.
Web3 security firm PeckShield extra corroborated the incident, including that the root motive in the support of the attack become once a cost oracle enlighten. It stated:
“In specific, the sUSDe asset is priced as median from just a few sources. 5 of them, i.e., FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe, had been manipulated in the center of the hack.”
Meanwhile, UwU Lend confirmed the incident and directly paused its platform. The protocol stated:
“[We are] taking all critical steps [and] doing our most effective right here. Discontinue tuned for extra updates.”
TVL surge?
Despite the exploit, the total fee of assets locked on the DeFi protocol UwU Lend surged by 135% in the closing 24 hours.
Data from DeFiLlama presentations that UwU Lend at the 2d holds over 82,000 ETH, valued at $305 million. Nonetheless, roughly $247 million of those funds are borrowed.
UwU Lend become once developed by Michael Patryn â continually identified as Sifu or 0xSifu â the controversial founder of the defunct Quadriga CX alternate. The platform enables depositors to produce liquidity to produce passive profits, while borrowers can construct liquidity in an over-collateralized manner. Additionally, liquidity companies offer liquidity and produce earnings by staking their LP tokens.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's attainable. He imparts insights on a differ of matters love DeFi, hacks, mining and tradition, underlining transformative strength.
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his abilities worldwide for over a decade. Specializing in monetary journalism, he now specializes in crypto reporting.
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