UwU Lend, a lending and liquidity protocol, reportedly suffered an attack worth $19.3 million.
A recent malicious hack targeted a decentralized lending platform. Unknown perpetrators stole $19.3 million from the lending protocol, according to a report from blockchain security firm Arkham.
The incident highlights ongoing security vulnerabilities in the DeFi sector and raises concerns about the safety of digital assets on decentralized platforms.
hacking
Blockchain data indicates that the perpetrators transferred the stolen funds through multiple wallet addresses. According to cryptocurrency users on blockchain explorer Etherscan, the perpetrators used Curve LlamaLend as “exit liquidity” for the attack.
On-chain data showed that one wallet siphoned off a collection of tokens including wrapped ether (WETH), wrapped bitcoin (WBTC), and stablecoins before trading most of them on Uniswap.
UwU Lend claims it has not been hacked since its founding in 2022, but told X: “The protocol was paused for less than an hour while the team investigated the situation. Please rest assured that we are immediately aware of the situation and are taking all necessary measures and doing our best. Stay tuned for further updates.”
UwU Lend is based on the open source AAVE v2 code and provides lending, borrowing, and staking services. Users receive 100% of platform revenue in the form of tokens called UwU.