<\/p>\n
The attack involved three transactions that converted Wrapped Bitcoin and DAI into ETH.<\/p>\n
Ethereum-based lending protocol Uwulend has been exploited to the tune of $20 million.<\/p>\n
Cyvers Alerts detected<\/a> the malicious behavior early Monday morning. An attacker executed three transactions that converted WBTC and DAI into Ether.<\/p>\n The Uwulend team informed<\/a> their users via X that the platform has been paused while they investigate the situation.<\/p>\n The wallet address linked to<\/a> the Uwulend exploiter holds a whopping 1,282 ETH or $4.7 million.<\/p>\n Notably, the UWU token didn\u2019t react violently to the news. UWU dropped 3% to $2.91, which only adds to its overall downtrend. Over the past year, the token has shed 80% of its value and showcases a $26 million market capitalization, as per data from CoinGecko<\/a>.<\/p>\n Cyvers Alerts team members told The Defiant that the attacker funded today\u2019s exploit with assets withdrawn from cryptocurrency mixer Tornado Cash<\/a> two days ago.<\/p>\n They also explained that the hack took place due to an issue with a price oracle across five different tokens. \u201cSpecifically, the sUSDe asset’s value is determined using a median from several sources,\u201d Cyvers Alerts said. During the hack, five of these sources\u2014FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe were manipulated.<\/p>\n Uwulend touts itself as a decentralized non-custodial liquidity market protocol, and its website shows<\/a> that the protocol has generated more than $9.3 million in fees. According to DefiLlama<\/a>, it has $66 million in total value locked (TVL), which represents a near 50% drop from its late April peak of $115 million.<\/p>\n