Hackers steal $19.3 million from UwU Lend

Oh no! UwU Lend, a neat lending and liquidity protocol, has faced an unlucky exploit resulting in the decline of $19.3 million.

Not too long ago, a sneaky hack specific the decentralized lending platform. Reviews from the magnificent blockchain security business Arkham discovered that some mysterious persons managed to snatch $19.3 million from the lending protocol.

This incident sheds mild on the ongoing protection problems in the DeFi sector, sparking worries about the stability of electronic property on decentralized platforms.

The Sneaky Hack

Facts from the blockchain reveals that the culprits moved the stolen cash by means of various wallet addresses. As for every a crypto specialist on the blockchain explorer Etherscan, the bad actors utilized Curve LlamaLend as the “exit liquidity” for their assault.

On-chain documents point out that a person wallet grabbed a blend of tokens, including wrapped ether (WETH), wrapped bitcoin (WBTC), and stablecoins, before dumping most of it on Uniswap.

Inspite of in no way dealing with a hack considering that its start in 2022, UwU Lend shared on X that “The protocol was paused a little under an hour back even though the team investigates the predicament. Make sure you rest assured that we ended up created conscious of the condition straight away and are having all essential actions, undertaking our ideal right here. Stay tuned for even further updates.

UwU Lend, which is developed on the open up-resource AAVE v2 codes, supplies lending, borrowing, and staking providers. Users receive 100% of platform revenues in the kind of a token called UwU.

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