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Tuesday, June 11, 2024
HomeCryptoUwU Lend was exploited for 20 million USD and the attack is...

UwU Lend was exploited for 20 million USD and the attack is still ongoing

The UwU Lend protocol was hacked for nearly $20 million on Monday, June 10, in an exploit that is still ongoing.

The exploit was first discovered by onchain security company Cyvers:

“UwU Lend is under attack! To date, the address has earned about $14 million…”

Source: Cyvers

UwU Lend is a decentralized finance protocol (DeFi) operates as a liquid marketplace, allowing users to deposit and borrow digital assets.

In less than an hour after Cyvers’ initial warning, anonymous hackers stole more than $20 million.

According to Meir Dolev, CTO and co-founder of Cyvers, although the team is still investigating the incident, it will be a major cryptocurrency hack with many assets affected.

“The attack is still ongoing. This was a massive incident that crossed the $20 million threshold with a bunch of different assets (like WBTC and DAI) being withdrawn from the pool and converted to ETH.”

Cyvers revealed that the attack was funded by cryptocurrency mixing protocol Tornado Cash and that the hacker made 3 malicious transactions:

“The UWU loan contract was exploited by an attacker, making 3 transactions in 6 minutes and withdrawing about 20 million USD. Attacker funded by Tornado Cash 2 days ago.”

Itadori

According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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