Decentralized lending protocol UwU Lend has revealed a $5 million reward to “identify and locate the exploiter.”
Developers of UwU Lend Promising To pay up to $5 million to “the first person to identify and locate the hacker,” who exploited the protocol for more than $23 million in cryptocurrency. The reward was announced shortly after the attacker missed a deadline set by the UwU Lend team, which expected to return 80% of the stolen funds in exchange for a 20% reward.
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As of press time, the hacker is understood to have already laundered at least 500 Ethereum, worth around $1.7 million at current market prices.
UwU Lend, which leverages the open source AAVE v2 code, suffered two separate attacks from the same hacker in less than three days, executing what appeared to be flash loan attacks that compromised multiple liquidity pools.
Founded by Michael Patryn, also known as Omar Dhanani or “0xSifu” – one of the founders of the now-defunct QuadrigaCX exchange – UwU Lend provides lending, borrowing and mortgage services while distributing the platform’s revenue through its native token UwU.