Scam Alert: DeFi Lender UwuLend Exploited for $19.4 Million

3 days ago 61

 DeFi Lender UwuLend Exploited for $19.4 Million

Cover representation via www.freepik.com

Disclaimer: The opinions expressed by our writers are their ain and bash not correspond the views of U.Today. The fiscal and marketplace accusation provided connected U.Today is intended for informational purposes only. U.Today is not liable for immoderate fiscal losses incurred portion trading cryptocurrencies. Conduct your ain probe by contacting fiscal experts earlier making immoderate concern decisions. We judge that each contented is close arsenic of the day of publication, but definite offers mentioned whitethorn nary longer beryllium available.

Just astatine a clip erstwhile it appears the crypto scam ecosystem is toning down its influence, the Decentralized Finance (DeFi) lending protocol UwuLend fell victim to a large exploit.

UwuLend hack saga

According to insights from crypto quality work supplier CertiK, the protocol’s wallet has been drained of astir $19.4 cardinal successful locked funds. While details of these exploits are inactive emerging, UwuLend is reportedly suspected of loopholes that mightiness person made the exploit possible.

Related

UwuLend is simply a fork of the Aave protocol that was started by Frog Nation's erstwhile CFO, 0xSifu. 0xSifu is the alias of Michael Patryn, the cofounder of the defunct Canadian trading level QuadrigaCx. To those who cognize the transportation betwixt Patryn and speech collapses, a inclination present appears to beryllium showing itself.

While Aave has not faced immoderate related large exploit, the hack of UwuLend is simply a testament to however fragile the broader DeFi information strategy is. While the existent prognosis remains unknown, determination are instances of hacks and refunds successful the crypto ecosystem.

When the Poly Network hack of 2020 took place, the squad negotiated a refund with the hacker. With much than $610 cardinal siphoned by the attacker, the full saga became a celebrated lawsuit of Whitehat erstwhile a full refund of the stolen wealth was initiated by the hacker.

Though Poly Network is an outlier successful the ecosystem, determination person been different related exploits that resulted successful imperishable losses

Be cautious

As the UwuLend squad and users navigate this disturbing trend, the cautionary enactment from antithetic manufacture leaders is present proving to beryllium much resounding. With the prevalence of Deepfake scams and different forms of exploits, teams from Ripple Labs and Shiba Inu are known to always caution their community to support anyone from getting hurt.

Related

While the UwuLend exploit mightiness not beryllium avoidable by users oregon the team, the proposal to beryllium cautious remains the aureate regularisation for investors to follow.

Read Entire Article