The protocol lost an additional $3.72 million after getting hacked for the second time in three days.<\/p>\n
UwU Lend, an Ethereum-based lending and liquidity protocol, has suffered its second exploit in a single week.<\/p>\n
On June 13, UwU Lend was hacked for $3.72 million. The incident came just a few days after UwU Lend suffered an exploit worth $19.3 million<\/a> on June 10.<\/p>\n The latest hack was identified<\/a> by Slowmist, a blockchain security firm. Slowmist shared a screenshot of on-chain data from EtherScan showing that a single wallet made off with multiple tokens from UwU Lend including Wrapped Ether WETH and stablecoins DAI, USDC, LUSD, and FRAX.<\/p>\n The price of UWU, UwU Lend\u2019s governance token, is down 14.5% over the past seven days amid the turmoil, according to CoinGecko. The token has shed 81% of its value down to a $26 million market cap in the past year.<\/p>\n UwU Lend is a decentralized money market protocol that allows users to earn interest on deposits or borrow digital assets.<\/p>\n UwU Lend was already reeling after losing nearly $20 million in a June 10 exploit.<\/p>\n The incident was identified by Cyvers Alerts, an on-chain security firm, which first spotted the hack. Cyvers told The Defiant that the attacker took advantage of flawed oracle price data for five stablecoins.<\/p>\n The exploit spanned two attacks, with the hackers initially making off with $14 million, before draining an additional $6 million one hour later.<\/p>\n Data from DefiLlama shows that it currently holds $66 million in total value locked (TVL), marking a nearly 50% decline from its peak of $115 million in late April.<\/p>\n The protocol was founded by Sifu<\/a>, the controversial former CFO of Frog Nation who was later outed as a co-founder of QuadrigaCX, the defunct Canadian centralized crypto exchange. QuadrigaCX collapsed in 2019 after losing<\/a> $190 million in customer funds.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The protocol lost an additional $3.72 million after getting hacked for the second time in three days. UwU Lend, an Ethereum-based lending and liquidity protocol, has suffered its second exploit in a single week. On June 13, UwU Lend was hacked for $3.72 million. The incident came just a few days after UwU Lend suffered […]<\/p>\n","protected":false},"author":2,"featured_media":322562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-322558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=322558"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322558\/revisions"}],"predecessor-version":[{"id":322564,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/322558\/revisions\/322564"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/322562"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=322558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=322558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=322558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Previous Attack<\/strong><\/h2>\n