UwU Lend, a lending and liquidity protocol, has reportedly been focused by an exploit amounting to $19.3 million.
A malicious hack not too long ago focused the decentralized lending platform. Stories from the blockchain safety agency Arkham point out that unknown perpetrators stole $19.3 million from the lending protocol.
The incident highlights ongoing safety vulnerabilities within the DeFi sector, elevating considerations concerning the security of digital property on decentralized platforms.
The hack
The blockchain information signifies that the perpetrator transferred the stolen funds by a number of pockets addresses. In accordance with a crypto consumer on the blockchain explorer Etherscan, the perpetrator utilized Curve LlamaLend because the “exit liquidity” for the assault.
On-chain information reveals that one pockets siphoned a group of tokens, together with wrapped ether (WETH), wrapped bitcoin (WBTC) and stablecoins, earlier than buying and selling nearly all of it out on Uniswap.
UwU Lend claims to have by no means been hacked since its inception in 2022 however they posted on X stating that “The protocol was paused slightly underneath an hour in the past whereas the crew investigates the scenario. Please relaxation assured that we have been made conscious of the scenario instantly and are taking all obligatory steps, doing our greatest right here. Keep tuned for additional updates.”
UwU Lend is predicated on the open-source AAVE v2 codes and affords lending, borrowing, and staking companies. Customers obtain 100% of platform revenues within the type of a token known as UwU.