Unknown Hacker Siphons $20M from DeFi Protocol UwU Lend in Major Cyber Heist
Summary:
The UwU Lend protocol, a decentralized finance platform, was exploited by an unknown hacker, resulting in a loss of about $20 million in cryptocurrency. The cyber attack, which was first detected by blockchain security firm Cyvers, saw multiple digital assets being drained and converted to Ethereum. The attacker reportedly executed three transactions within six minutes and had received funds from the crypto mixing protocol, Tornado Cash, prior to the exploit. An investigation into the incident is still ongoing.
On June 10, the UwU Lend protocol, which operates in the realm of decentralized finance (DeFi), fell victim to a cybercrime, losing about $20 million to the ongoing exploit. This disturbing discovery was first made by blockchain safety specialist Cyvers, notifying UwU Lend through a June 10 X post that they were under attack. Being a DeFi protocol, UwU Lend works as a fluidity market, offering its users the opportunity to deposit and borrow digital currencies.
Alerts by Cyvers specified that within one hour of its initial alarm about the exploit, an unidentified hacker had pilfered above $20 million. Though the investigation is still underway, Cyvers' CTO and co-founder, Meir Dolev, suggests it's forming into a substantial digital currency heist, impacting several assets.
Dolev stated that although the attack is not over yet, it's apparent that the total loss already tip-toed past the $20 million mark. The compromised assets — like WBTC and DAI — are emptied from the reservoirs and converted into ETH.
Following the cyber-attack, Cyvers disclosed that the exploit was financed through cryptocurrency stirring protocol, Tornado Cash. The malefactor executed three harmful transactions within six minutes, draining roughly around 20 million USD. The attacker had received funds from Tornado cash two days before the exploit.
As more information comes in about this ongoing story of the hack, it continues to be recorded in real-time.
Published At
6/10/2024 3:37:22 PM
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