DeFi Lender UwU Hacked for Nearly $20M in Fresh Exploit

UwU Lend, a decentralized lending platform, has become the latest victim of a malicious hack. According to blockchain security company, Arkham, the lending protocol has seen $19.3 million stolen by bad actors.

although Cause of hacking His identity has not yet been determined, and some users claim that the project founder is behind the attack.

UwU Lend loses $19.3 million

UwU Lend is forked from the open source codes of AAVE v2, an Ethereum-based lending protocol. It offers a range of services, such as lending, borrowing and staking. Users are offered 100% of the revenue generated by the platform, which is issued as a revenue-sharing token called UwU.

According to her Official WebsiteUwU Lend claims to have never been hacked since its inception in 2022. However, it joins a long list of hacks flooding the DeFi sector.

On-chain data shows that the bad actor is moving stolen funds across multiple wallet addresses. Cryptocurrency user who reported the exploit on Etherscan blockchain explorer advertiser That the bad actor used Curve LlamaLend as an “exit liquidity” for the attack.

At the time of writing, the UwU Lend development team I confess attack and reassured users that measures were being taken to recover the stolen funds.

“The protocol was paused just under an hour ago while the team investigates the situation. Please be assured that we are made aware of the situation immediately and are taking all necessary steps and doing our best here. Stay tuned for more updates,” the project team wrote.

Insider job?

With no post-mortem report pinpointing the cause of the attack, some users took action Accused Project founder as the mastermind behind this exploit.

Michael Patrin, co-founder of a collapsed Canadian cryptocurrency exchange called QuadrigaCX, launched UwU Lend in September 2022. He was also caught moving millions of dollars worth of ETH from the Wonderland DAO, where he served as treasurer. With his re-emergence as UwU's captain, Patrin was identified by the nickname Sifu.

Because of his rough past, some members of the community are as well suspecious That Sifu might be behind the money loss. However, there is no evidence to support these claims.