UwU Lend, a lending and liquidity protocol, has reportedly been the target of a $19.3 million exploit.

A malicious hack recently targeted decentralized lending Platform. Blockchain Security Firm Reports Arkham indicate that unknown criminals stole $19.3 million from the lending protocol.

The incident highlights ongoing security vulnerabilities in the DFI sector, raising concerns about the security of digital assets on decentralized platforms.

Heck

Blockchain data indicates that the perpetrator transferred the stolen funds through multiple wallet addresses. According to a crypto user on Blockchain Explorer Aetherscanthe criminal used Curve LlamaLend as “exit liquidity” for the attack.

On-chain data shows that one wallet sifted through a collection of tokens, including wrapped ether (WETH), wrapped bitcoin (WBTC) and stablecoins, before trading the majority on Uniswap.

UwU Lend claims that it has never been hacked since its inception in 2022, but they Posted “Protocol was suspended an hour ago while the team investigated the situation. Please be assured that we have been made aware of the situation immediately and we are here to do our best,” he said on X. Taking necessary steps. Stay tuned for more updates.”

UwU Lend is based on open source AAVE v2 codes and offers lending, borrowing and staking services. Users receive 100% of the platform’s revenue in the form of a token called UwU.



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