Decentralized lending protocol UwU Lend has unveiled a $5 million bounty to “identify and locate” the exploiter.
Builders of UwU Lend are promising to pay as much as $5 million “to the first person to identify and locate” a hacker, who exploited the protocol for over $23 million value of crypto. The bounty was introduced shortly after the attacker missed the deadline set by the UwU Lend group, who anticipated the return of 80% of the stolen funds in alternate for a 20% reward.
As crypto investigator @CryptoEvgen famous of their X account, the hacker began funneling the stolen property through Twister Money, a mixing service sanctioned by the U.S. Division of the Treasury’s Workplace of International Belongings Management (OFAC) for facilitating roughly $7 billion in crypto laundering since 2019.
As of press time, it’s understood that the hacker has already laundered no less than 500 ETH, valued at roughly $1.7 million at present market costs.
UwU Lend, which leverages the open-source AAVE v2 code, suffered two separate assaults from the identical hacker in lower than three days, executing what seems to be flash mortgage assaults that compromised a number of liquidity swimming pools.
Based by Michael Patryn, often known as Omar Dhanani or “0xSifu” — a co-founder of the now-defunct QuadrigaCX alternate — UwU Lend gives lending, borrowing, and staking companies whereas distributing platform revenues via its native token, UwU.
