UwU Lend Faces $3.7 Million Cryptocurrency Hack After $19.3 Million Breach: What You Need to Know
If you are a crypto enthusiast, it is crucial to stay informed about the latest developments in the industry. Recently, the UwU Lend protocol, which was previously hit by a significant hack of nearly $20 million on June 10, is now dealing with an ongoing exploit that has resulted in the theft of $3.7 million. Here’s what you need to know about this unfortunate incident:
Ongoing Exploit Alert
• On-chain data analytics platform, Cyvers, was the first to alert UwU Lend about the ongoing exploit.
• The bad actors behind this latest incident are believed to be the same as those responsible for the earlier $19.3 million heist.
• The stolen funds, sourced from various asset pools, including uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT, have already been converted into Ethereum and transferred to the attacker’s address.
Recovery Measures
• Following the initial breach on June 10, the UwU Lend development team took immediate measures to mitigate the damage, pausing the protocol for investigations.
• In an update on June 12, the team disclosed the specific vulnerability related to the sUSDe market oracle and claimed to have resolved it.
• Independent audits of all other markets were conducted without discovering additional issues, ensuring the safety of user funds.
Reimbursement Efforts
• UwU Lend initiated reimbursement efforts to repay all bad debt as quickly as possible.
• The team successfully reimbursed a total of $9,715,288 to affected users, including specific amounts in various cryptocurrencies like DAI, crvUSD, USDT, and wETH.
Unique Features of UwU Lend
• UwU Lend, a fork of the open-source AAVE v2 protocol, offers users decentralized finance services such as lending, borrowing, and staking.
• One of its unique features is the revenue-sharing token called UwU, which allows users to earn a portion of the platform’s revenues directly.
Hot Take: Stay Informed and Secure in the Crypto Space
As a crypto investor, staying informed about security breaches and the measures taken by protocols like UwU Lend is essential to protect your investments. Make sure to follow updates from reputable sources in the crypto space to stay ahead of potential risks and ensure the safety of your funds.
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