UwU Lend Protocol Hit by Another $3.7 Million Hack Amid Ongoing Recovery Efforts

Fiverr
UwU Lend Protocol Hit by Another $3.7 Million Hack Amid Ongoing Recovery Efforts
Bitbuy



The UwU Lend protocol, previously targeted in a nearly $20 million hack on June 10, is facing an ongoing cryptocurrency exploit that has so far resulted in the theft of $3.7 million.

This development comes as the protocol has been making efforts to reimburse its users following the $19.3 million June 10 hack.

$3.7 Million Hack

Cyvers, an on-chain data analytics platform, was the first to alert UwU Lend about the ongoing exploit. According to its findings, the bad actors behind this latest incident appear to be the same as those responsible for the earlier $19.3 million heist.

The stolen funds, sourced from various asset pools, including uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT, have already been converted into Ethereum and transferred to the attacker’s address.

Ledger

Following the initial breach on June 10, the development team at UwU Lend notified the community that they had implemented immediate measures to mitigate the damage. The protocol was temporarily paused while investigations were conducted into the vulnerabilities exploited by the hackers.

In an update shared on June 12 via a thread on X, the UwU developer team disclosed that they had identified the specific vulnerability related to the sUSDe market oracle and claimed to have resolved it.

They added that independent audits of all other markets had been conducted without discovering additional issues, assuring users that all functions would resume promptly and emphasized that no user funds had been permanently lost during the incident.

Reimbursement Efforts

Following the incident, UwU initiated reimbursement efforts, informing users that “The protocol will repay all bad debt as quickly as reasonably possible. We will keep users up to date about progress and the next steps.”

In a final update on June 13, the team reported that they had successfully reimbursed a total of $9,715,288 to affected users thus far. The breakdown included specific amounts returned in various cryptocurrencies such as DAI, crvUSD, USDT, and wETH.

UwU Lend, a fork of the open-source AAVE v2 protocol, offers its users various decentralized finance services such as lending, borrowing, and staking. One of its unique features includes a revenue-sharing token called UwU, which allows users to earn a portion of the platform’s revenues directly.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!



Source link

Ledger

Be the first to comment

Leave a Reply

Your email address will not be published.


*