Decentralized Finance Protocol UwU Lend Offers $5 Million Bounty in ETH
UwU Lend, a decentralized finance (DeFi) protocol, is offering a $5 million bounty in Ether (ETH) to anyone who can identify and locate the attacker responsible for recent exploits. The bounty, announced on June 13 in an on-chain message, comes after the hacker failed to return the stolen funds by the negotiated deadline of June 12, 5:00 pm UTC.
Two Significant Exploits Result in $24 Million in Total Theft
- UwU Lend has suffered two major exploits, leading to a total theft of $24 million.
- The most recent attack targeted UwU’s uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT pools.
- The first attack on June 10 resulted in the draining of $20.3 million through a price manipulation exploit.
Identifying the Attacker Behind the Exploits
- Despite initial efforts requesting the return of 80% of the stolen funds, the attacker launched another exploit on June 13, stealing more from UwU Lend’s pools.
- Blockchain security firm Cyvers confirmed that the same hacker executed both attacks using the wallet address “0x841…21f47.”
- UwU Lend issued an on-chain message to the hacker, offering a $5 million bounty to the first person who can identify and locate them.
Further Actions and Reimbursements
- Despite the attacks, UwU Lend has reimbursed victims of the first exploit with over $9.7 million already repaid.
- Repayments include various cryptocurrencies such as $DAI, $crvUSD, $USDT, and $wETH.
Heightened Cybersecurity Threats in the Crypto Industry
Recent reports indicate a rise in cyberattacks targeting the crypto industry:
- According to Immunefi, the crypto sector suffered approximately $473.22 million in losses from 108 incidents in May 2024.
- Google Cloud’s threat intelligence report exposed North Korean hackers targeting cryptocurrency exchanges, fintech firms, and individuals in Brazil.
- The primary group identified was Pukchong (UNC4899), using malicious software to control victims’ systems.
Hot Take: Vigilance Against Cyber Threats is Crucial for the Crypto Community
As the crypto landscape continues to face cyber threats, it is crucial for participants to remain vigilant and adopt robust security measures to safeguard their assets and platforms.
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