UwU Lend, a decentralized finance (DeFi) protocol, has been hacked for nearly $20 million in an ongoing cryptocurrency exploit. The hack was first discovered by on-chain security firm Cyvers, which alerted the public on June 10.
According to Cyvers, the hack was executed in less than an hour, with the unknown hacker stealing above $20 million in the ongoing exploit. The attack is believed to have affected multiple assets, including WBTC and DAI, which were drained from the pools and converted to ETH.
Cyvers founder Meir Dolev stated that the attack is still ongoing, but it has already passed the $20 million threshold. Dolev also revealed that the attack was funded by the crypto mixing protocol Tornado Cash and executed three malicious transactions.
The hack is the latest in a string of high-profile cryptocurrency hacks in 2024. According to Merkle Science, crypto hackers may surpass 2023 in terms of stolen digital assets, with the first quarter of 2024 seeing hackers steal digital assets valued at $542.7 million, a 42% increase compared to the same period in 2023.
Merkle Science CEO Mriganka Pattnaik attributed the growing instances of cyber exploits to attackers targeting easier targets, such as private key leaks due to phishing attacks or insecure storage practices.
The UwU Lend hack serves as a reminder of the importance of security in the cryptocurrency space. As the value of cryptocurrencies continues to grow, so too do the risks of hacking and exploitation.
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Source: Cointelegraph
