UwU Lend, a leading decentralized smart lending platform, is under attack. According to Cyvers Alerts, an on-chain tracking platform, approximately $19.5 million has been stolen so far.
According to the platform, the attack is still ongoing, and the amount lost could increase. Meanwhile, the UwU Lend team has not issued a statement regarding the attack.
Cyvers Alerts announced three hours ago that it had detected a series of suspicious transactions involving UwU Lend.
🚨ALERT🚨Hey @UwU_Lend, you are being attacked!
So far address got around $14M
More update will follow!
Please contact us to learn how to secure your digital assets!#CyversAlert pic.twitter.com/IND77hbTbH
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) June 10, 2024
“Our system has detected a series of suspicious transactions involving UwU Lend,”
Cyvers Alerts announced.
“The attacker has executed three transactions and was able to steal around $19.5 million. However, the hack is still ongoing, and the amount might increase. Currently, the attacker is swapping stolen digital assets for ETH.”
Cyvers Alerts also added that the wallet linked to the attack received funds two days ago, which have been traced back to Tornado Cash.
UwU Lend offers a simple process for users to deposit assets and earn interest and rewards in UwU tokens. Users can also borrow against their collateral, stake UwU tokens, or lock UwU/ETH LP tokens to benefit from the platform’s revenues. It also supports a wide range of digital assets and offers automated looping, various strategies, and vaults to optimize returns.
Since its inception, the platform has generated $9,337,380.81 in fees. Its total value locked (TVL) is $308.48 million, and its liquidity is locked at $6.89 million.
The current security breach highlights the vulnerabilities in decentralised finance platforms, which have occurred in various instances recently. In a similar vein, Loopering, a prominent zk-rollup-based protocol on Ethereum, recently experienced a significant security breach, with several of its Smart Wallets compromised and approximately $5 million in digital assets lost.
RELATED: Loopring Tells Users to Contact Team on Asset Recovery Following $5M Security Breach
The Loopring team recently announced that they temporarily suspended the affected part of their operations to prevent further breaches. They also noted that they are collaborating with security experts and law enforcement agencies to investigate the breach, track down the perpetrator, recover the stolen assets, and prevent future breaches.
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