- 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.
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.
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