Blockchain safety agency Cyvers Alert has introduced a serious exploit of the DeFi lending protocol UwU Lend, which resulted within the lack of roughly $19.5 million.
The attacker funded their pockets by means of accredited cryptocurrency mixer Twister Money.
Cyvers co-founder and CTO Meir Dolev mentioned fromcrypto in a press release dated June 10:
“The UWU mortgage settlement was abused by an attacker who made three transactions in six minutes and siphoned off roughly $20 million.”
On-chain knowledge reveals that the attacker's pockets moved a number of digital property, together with wrapped Ethereum (WETH), wrapped bitcoin (WBTC), and stablecoins like USDC. The attacker's tackle was flagged on Etherscan as UwU Lend Exploiter.
Web3 safety agency PeckShield additional confirmed the incident, including that the principle explanation for the assault was a worth oracle challenge. It mentioned:
“Specifically, the sUSDe asset is priced as a median from a number of sources. 5 of them ie FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD and GHOUSDe had been manipulated throughout the hack.”
In the meantime, UwU Lend confirmed the incident and instantly suspended its platform. Protocol mentioned:
“(We’re taking) all the mandatory steps (and) we’re doing our greatest. Keep tuned for extra updates.”
A rise in TVL?
Regardless of the abuse, the entire worth of property locked on the UwU Lend DeFi protocol elevated by 135% within the final 24 hours.
Knowledge from DeFiLlam reveals that UwU Lend at present holds over 82,000 ETH value $305 million. Nonetheless, roughly $247 million of those funds are borrowed.
UwU Lend was developed by Michael Patryn – also referred to as Sifu or 0xSifu – the controversial founding father of the defunct Quadriga CX change. The platform permits depositors to supply liquidity to earn passive revenue, whereas debtors can obtain liquidity in an oversecured method. As well as, liquidity suppliers provide liquidity and earn income by staking their LP tokens.
