You are Being Attacked! UwU Lend Loses $20 Million in Flash Loan Attack
The post You are Being Attacked! UwU Lend Loses $20 Million in Flash Loan Attack appeared on BitcoinEthereumNews.com.
TLDR UwU Lend, a decentralized finance (DeFi) protocol, was hacked for nearly $20 million on Monday, June 10. The attack was first discovered by on-chain security firm Cyvers, which alerted UwU Lend about the ongoing exploit. The attacker used a flash loan to manipulate the price feed and exploit a vulnerability in the protocol’s price oracle system. UwU Lend co-founder Michael Patryn, also known as 0xSifu, offered the hacker a 20% bounty (around $4 million) to return the remaining stolen funds. The incident highlights the vulnerabilities within DeFi platforms and the need for stronger security measures to prevent similar attacks in the future. The decentralized finance (DeFi) protocol UwU Lend has become the latest victim of a major cryptocurrency hack, with attackers siphoning nearly $20 million worth of digital assets on Monday, June 10. Today’s @UwU_Lend hack leads to $19.4m loss. The root cause is a price oracle issue. In particular, the sUSDe asset is priced as median from multiple sources. Five of them, i.e., FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe, were manipulated during the hack. The stolen… https://t.co/4ec92zxoql pic.twitter.com/xuGGegfDpV — PeckShield Inc. (@peckshield) June 10, 2024 The ongoing exploit was first discovered by on-chain security firm Cyvers, which promptly alerted UwU Lend about the attack. In a post on social media platform X (formerly Twitter), Cyvers wrote, “Hey @UwU_Lend, you are being attacked! So far address got around $14M…” As the attack unfolded, the total amount stolen quickly surpassed the $20 million mark, making it one of the most significant crypto hacks of the year. ????ALERT????Hey @UwU_Lend, you are being attacked! So far address got around $14M More update will follow! Please contact us to learn how to secure your digital assets!#CyversAlert pic.twitter.com/IND77hbTbH — ???? Cyvers Alerts ???? (@CyversAlerts) June 10, 2024 UwU Lend, a protocol that allows users…
Filed under: News - @ June 11, 2024 9:14 pm