UwU Lend has experienced a significant attack resulting in the theft of over $19 million in tokens. The attacker exploited price manipulation techniques to carry out the heist, using flash loans to orchestrate the scheme.
Initially, the attacker used a flash loan to swap $USDe for other tokens, causing the price of $USDe and $sUSDe to drop. Capitalizing on this price drop, the attacker deposited some of these tokens into UwU Lend and borrowed more $sUSDe than the platform would typically allow.
Next, the attacker manipulated the price of $USDe to drive it higher. Using the inflated value, they deposited $sUSDe into UwU Lend and borrowed more $CRV than expected. By exploiting these price fluctuations, the attacker managed to steal a substantial amount of tokens.
Hacker Store Over $19 Million Worth Of Different Cryptos
In total, the attackers stole more than $19 million in various tokens, all of which were eventually swapped into $ETH. This incident underscores the vulnerabilities in decentralized finance platforms, where price manipulation and flash loans can be used to exploit the system.
Analysis of @UwU_Lend attack:
UwU Lend attack is caused by price manipulation. The attacker first use flash loan to swap $USDe for other tokens, which led to a lower price of $USDe and $sUSDe.
The attacker deposited some to UwU Lend and then lent more $sUSDe than expected. pic.twitter.com/wanIwZymBZ
— Beosin Alert (@BeosinAlert) June 11, 2024
UwU Lend is likely to face increased scrutiny and a loss of trust from the crypto community as a result of this breach. Moving forward, the platform will need to implement stronger security measures to prevent similar attacks and regain user confidence.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any AI stocks.
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