tl;dr
UwU Lend, a decentralized finance (DeFi) lending platform, has been hit by a cyber-attack resulting in a loss of $3.72 million, marking the second attack within a week. The attacker exploited flash loans to manipulate token prices and cause losses. Concerns have been raised about the security of the...
UwU Lend hit by cyber-attack, resulting in $3.72 million loss
UwU Lend suffers additional $3.72 million loss to same exploiter, raising concerns about network security - UwU Lend founder, Michael Patryn, suspected of shady activities, leading to a 28% drop in Total Value Locked
UwU Lend, a decentralized finance (DeFi) lending platform, has been hit by a cyber-attack resulting in a loss of $3.72 million, marking the second attack within a week. The attacker exploited flash loans to manipulate token prices and cause losses. Concerns have been raised about the security of the network, and there are suspicions regarding the founder's involvement in shady activities. As a result, there has been a 28% drop in Total Value Locked (TVL) in UwU Lend, indicating potential user withdrawals due to security risks.
According to reports from on-chain detectives, UwU Lend has been hit by a cyber-attack, resulting in a loss of $3.72 million. This marks the second attack on the decentralized finance (DeFi) lending platform, underscoring the persistent vulnerabilities within the crypto industry.
UWU LEND LOSES $23.22 MILLION TO THE SAME ATTACKER IN A WEEK
Barely three days after losing $19.5 million to a cyber-attack, UwU Lend has suffered an additional $3.72 million loss to the same exploiter. This follows a report by Web3 security platform Cyvers, which highlighted the transaction in a post on X. Experts attributed the initial attack to a flash loan, where the attacker swapped USDe for other tokens, which led to a lower price of USDe and sUSDe. The attacker then deposited some to UwU Lend, lending more sUSDe than expected.
In a flash loan, users borrow assets without providing collateral, returning the borrowed funds within the same transaction. This unique feature in DeFi lending distinguishes flash loans from traditional loans, which typically require collateral. UwU Lend did not immediately respond to BeInCrypto’s request for comment.
UWU FOUNDER IS SUSPECTED OF SHADY ACTIVITIES
Community members are actively criticizing UwU Lend founder, Michael Patryn, also known as “Omar Dhanani” and “0xSifu”. This speculation arises as Patryn co-founded the cryptocurrency exchange QuadrigaCX, which ultimately collapsed amidst fraud-related allegations.
These concerns have reached investors, with DefiLlama data showing a 28% drop in Total Value Locked (TVL) this week. UwU Lend’s TVL has decreased from $91.05 million on Monday, June 10, to $65.8 million at press time. A drop in TVL indicates a reduction in the total amount of assets locked or deposited in the DeFi protocol.
Security breaches and hacks in the crypto space can be alarming and disruptive, and investors should take precautions to protect their assets.
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