The protocol misplaced an extra $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 got here only a few days after UwU Lend suffered an exploit value $19.3 million on June 10.
The newest hack was recognized by Slowmist, a blockchain safety agency. Slowmist shared a screenshot of on-chain knowledge from EtherScan exhibiting {that a} single pockets made off with a number of tokens from UwU Lend together with Wrapped Ether WETH and stablecoins DAI, USDC, LUSD, and FRAX.
The worth of UWU, UwU Lend’s governance token, is down 14.5% over the previous seven days amid the turmoil, in accordance with CoinGecko. The token has shed 81% of its worth right down to a $26 million market cap up to now yr.
UwU Lend is a decentralized cash market protocol that permits customers to earn curiosity on deposits or borrow digital belongings.
Earlier Assault
UwU Lend was already reeling after dropping practically $20 million in a June 10 exploit.
The incident was recognized by Cyvers Alerts, an on-chain safety agency, which first noticed the hack. Cyvers informed The Defiant that the attacker took benefit of flawed oracle value knowledge for 5 stablecoins.
The exploit spanned two assaults, with the hackers initially making off with $14 million, earlier than draining an extra $6 million one hour later.
Knowledge from DefiLlama exhibits that it presently holds $66 million in complete worth locked (TVL), marking an almost 50% decline from its peak of $115 million in late April.
The protocol was based by Sifu, the controversial former CFO of Frog Nation who was later outed as a co-founder of QuadrigaCX, the defunct Canadian centralized crypto alternate. QuadrigaCX collapsed in 2019 after dropping $190 million in buyer funds.
