UwU Lend Offers $5M Bounty for Identifying Repeat Hacker Amid Major Losses
Summary:
UwU Lend protocol's administrators have posted a $5 million bounty for identifying the hacker who twice exploited their platform. After the perpetrator failed to return 80% of the stolen funds by the requested deadline, the team promised to reward in Ether (ETH). The hacker executed a second heist of $3.7 million as UwU was compensating victims of the initial $20.3 million heist. Despite combined losses of $24 million, UwU Lend token (UwU)'s price has only decreased by 20% to $2.51 over the recent week, and the protocol now showcases a market cap of $22.6 billion.
The administrators of UwU Lend protocol have extended a reward of $5 million to any individual who can expose the cybercriminal that has twice exploited their system. Following the failure of the cyber offender to return 80% of the pilfered resources by UwU's stated deadline - June 12, 5:00 pm UTC, the team promised the hefty bounty in a June 13 blockchain note. UwU declared that the $5 million gratuity, to be delivered in Ether (ETH), will be awarded even before the restitution of the stolen funds or a potential legal pursuit. In what seems like a repeated assault, the same hacker managed to infract again, extorting a further $3.7 million on June 13 from several UwU’s pools, as validated by blockchain cybersecurity firm Cyvers.
The first attack wiped out $20.3 million via a price manipulation scheme on June 10. In response, UwU entreated the hacker to reimburse 80% of the funds, permitting them to retain the rest, and pledged to cancel any legal procedures. The plea, however, fell on deaf ears as the transgressor struck again, filching a further $3.7 million, shortly before the announcement of the $5 million bounty.
As the second raid unfolded, UwU began the process of compensation for victims of the initial $20.3 million breach. The organization has since refunded more than $9.7 million, according to a post by UwU Lend X. Despite the collective loss amounting to $24 million, the price of UWU Lend token (UWU) has only depreciated by 20% to $2.51 over the previous week, according to CoinGecko. The protocol now flaunts a market capitalization of $22.6 billion.
In a broader perspective, a recent report by Crystal Intelligence shows that nearly $19 billion in cryptocurrencies have been appropriated since the inception of this industry's first recorded hacking incident in June 2011.
Published At
6/14/2024 8:15:13 AM
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