UwU Lend Hacked

UwU, a decentralized lending platform, has fallen victim to a malicious hack, resulting in the theft of approximately $19.5 million in digital assets. The attack, which is still ongoing, was first detected by a blockchain security firm, Cyvers, who reported a series of suspicious transactions involving UwU’s smart contracts.

According to Cyvers, the attacker executed three transactions and managed to siphon off a significant amount of funds from the platform. The stolen assets are currently being converted to Ethereum (ETH) by the attacker. Cyvers also revealed that the malicious actor had funded his wallets using Tornado Cash, a cryptocurrency mixing service, two days prior to the attack.

Disturbingly, Cyvers claimed that their system had identified the malicious contract deployment before the hack took place, suggesting that the loss of funds could have been prevented if action had been taken promptly.

In response to the incident an X (Twitter) user screenshotted the response of Michael Egorov, the founder of Curve Finance, another prominent DeFi platform, who stated that lenders on Llamalend, remain unaffected by the hack. However, he noted that borrowers on the UwU platform may not be as fortunate.

The UwU team has yet to provide an official statement regarding the hack or the extent of the damages. As the attack is still underway, the total amount stolen may continue to rise.

This incident serves as an important reminder of the risks associated with decentralized finance (DeFi) platforms and the importance of robust security measures. As the DeFi space continues to grow, it is essential for projects to prioritize the safety of user funds and work towards preventing such malicious attacks in the future.

This is a developing story, and updates will be provided as more information becomes available.

Seasoned crypto, DeFi, NFT and overall web3 content writer with 9+ years of experience. Published in Forbes, Entrepreneur, VentureBeat, IBTimes, CoinTelegraph and Hackernoon.

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