UwU Lend hit twice in a $24M hack spree, losing $20.3M in the first attack and $3.7M in the second.
UwU offers a $5M bounty for hacker’s ID after a failed repayment deadline.
$9.7M reimbursed to victims by UwU Lend amidst ongoing security breaches.
UwU Lend has experienced a significant security breach, with a hacker stealing $24 million across two separate attacks. The first exploit occurred on June 10, when $20.3 million was lost through a price manipulation attack. Despite UwU’s offer for the hacker to keep 20% of the stolen funds if they returned the remaining 80%, there was no response.
ALERT@UwU_Lend has suffered another security breach by the same attacker!Total loss: $3.7MAffected pools: uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, uUSDTAll stolen assets have been converted to $ETH and are located at the attacker's address: https://t.co/9TvwLh18P1To learn… https://t.co/AjcMS1Cdyl
— Cyvers Alerts (@CyversAlerts) June 13, 2024
The Latest Exploit and UwU’s Response
On June 13, the same hacker executed a second exploit, stealing an additional $3.7 million from the protocol’s uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT pools. according to blockchain security firm Cyvers. Cyvers said the two hacks were carried out by the same hacker wallet address “0x841…21f47.”
“The repayment deadline for the funds you stole has passed. 5 Million Dollar bounty to the first person to identify and locate you,” UwU wrote to the hacker in a June 13 on-chain message after they didn’t transfer 80% of the stolen funds before UwU’s requested deadline — June 12 at 5:00 pm UTC.
Efforts to Recover and Reimburse Victims
Despite these setbacks, UwU Lend has already reimbursed over $9.7 million to victims from the initial exploit. The protocol is determined to restore trust and stability, although the UwU Lend token has dropped by 21% to $2.47 in the last seven days. The team’s immediate focus is on mitigating further damage and ensuring the safety of users’ funds.
Nearly $19 billion in cryptocurrencies have been stolen since the first industry hack in June 2011, underscoring the ongoing security challenges within the crypto space.
Read Also:
Hacker Returns $465k, Gets Bounty in Allbridge Exploit
Whooping TVL of $820M Has FLOKI Beating PEPE, WIF, SHIB, BONK, and DOGE Amidst Bug Bounty Partnership Launch
All Stolen Alchemix Funds Returned; 10% Bounty to Hackers
Hacker Returns Life Savings but Moves Stolen Funds Into Tornado Cash: Euler Finance Attack Update
Unveiling Tactics: Ledger Connect Hacker’s Ingenious Exploits Revealed
The post UwU Lend Hit by $24M in Hacks, Offers $5M Bounty for Hacker’s Identity appeared first on Crypto News Land.