🔥 UwU Lend Hacked: $19.3M Stolen!
UwU Lend, a decentralized lending platform, recently fell victim to a severe hack, resulting in the theft of $19.3 million by malicious actors.
UwU Lend: A Snapshot
UwU Lend, a platform derived from the AAVE v2 open-source codes, provides users with various services, including lending, borrowing, and staking. Users can receive 100% of the platform’s generated revenues in the form of a revenue-sharing token called UwU.
- The official UwU Lend website states that the platform had remained unhacked since its establishment in 2022.
- However, the recent breach adds UwU Lend to the growing list of DeFi sector hacking incidents.
Stolen Funds Movement
The perpetrator behind the hack has been observed moving the stolen funds across multiple wallet addresses. An alert crypto user who identified the exploit on Etherscan noted that Curve LlamaLend was utilized as an “exit liquidity” point for the attack.
Response from UwU Lend
Upon learning of the attack, UwU Lend’s development team promptly responded, halting the protocol for investigation. The team assured users that efforts were in progress to recover the lost funds.
“The protocol was paused a little under an hour ago while the team investigates the situation. Please rest assured that we were made aware of the situation immediately and are taking all necessary steps, doing our best here. Stay tuned for further updates,” the project’s team wrote.
Speculations of an Insider Role
Without a conclusive report on the attack’s cause, some individuals have raised suspicions about the project’s founder being associated with the incident.
- Michael Patryn, who co-founded the now-defunct QuadrigaCX cryptocurrency exchange in Canada, introduced UwU Lend in September 2022.
- Earlier, Patryn was observed transferring millions of dollars in ETH from his position as treasurer at Wonderland DAO.
- Despite assumptions within the community, there is currently no concrete evidence linking Patryn, known as “Sifu,” to the fund loss.
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