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. Reviews 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 issues in regards to the security of digital belongings on decentralized platforms.
The hack
The blockchain knowledge signifies that the perpetrator transferred the stolen funds by way of a number of pockets addresses. In line with a crypto consumer on the blockchain explorer Etherscan, the perpetrator utilized Curve LlamaLend because the “exit liquidity” for the assault.
On-chain knowledge exhibits 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 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.”
UwU Lend relies on the open-source AAVE v2 codes and provides lending, borrowing, and staking providers. Customers obtain 100% of platform revenues within the type of a token known as UwU.