Key Takeaways:
- UwU Lend lost a total of $24 million in two major exploits, with $20.3 million on June 10 and $3.7 million on June 13.
- UwU Lend has offered a $5 million bounty for information on the attacker after the deadline to return funds passed.
- Despite significant losses, the UWU token only decreased by 20%, currently priced at $2.51.
The UwU Lend protocol has faced two major exploits, losing a total of $24 million.
Following these attacks, UwU Lend has offered a $5 million bounty for identifying the attacker.
UWU LEND TEAM OFFERS $5M BOUNTY FOR IDENTIFYING ATTACKER AFTER SECOND EXPLOIT
— BSCN (@BSCNews) June 14, 2024
– The @UwU_Lend protocol is offering a $5 million bounty tin $ETH for anyone who can identify and locate the exploiter after a second exploit. No recovery of funds or charges are required for the… https://t.co/WlyQrt1eHK pic.twitter.com/br9pJfdMy0
The deadline for the hacker to return 80% of the stolen funds by June 12 passed without compliance, leading UwU Lend to announce the bounty in an onchain message on June 13.
The most recent exploit on June 13 resulted in the theft of $3.7 million from various pools.
The first exploit on June 10 involved price manipulation, causing a $20.3 million loss.
New Intel Exchange Bounty: UwU Lend Exploit
— Arkham (@ArkhamIntel) June 14, 2024
UwU Lend was exploited for over $19M on June 10th, and again for $3.7M on June 13th.
Link to the exploiter on Arkham:https://t.co/GeRRj5eOP0
Our bounty will reward any of the following:
– Identifying a KYC centralized exchange… https://t.co/BvAjpQm4BT pic.twitter.com/A12xQO6ub7
Blockchain security firm Cyvers confirmed that both attacks were executed by the same wallet address.
UwU Lend has begun reimbursing victims, with $9.7 million already returned.
Despite the losses, the UWU token has only decreased by 20%, now priced at $2.51 with a market cap of $22.6 billion.
UwU Lend offers a $5 million bounty to whoever catches its exploiter https://t.co/6qOQ1jSjxN
— The Block (@TheBlock__) June 13, 2024
A report from Crystal Intelligence highlighted that nearly $19 billion in cryptocurrencies have been stolen since 2011.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
Check Victor out on:
