UwU Lend, a lending and liquidity protocol, has reportedly been targeted by an exploit amounting to $19.3 million.

A recent malicious hack targeted the decentralized lending platform. Reports from a blockchain security firm indicate that unknown perpetrators stole $19.3 million from the lending protocol. The incident highlights ongoing security vulnerabilities in the DeFi sector, raising concerns about the safety of digital assets on decentralized platforms.

The Hack

Blockchain data shows that the perpetrator transferred the stolen funds through multiple wallet addresses. According to a crypto user on a blockchain explorer, the perpetrator utilized Curve LlamaLend as the “exit liquidity” for the attack. On-chain data reveals that one wallet siphoned a collection of tokens, including wrapped ether (WETH), wrapped bitcoin (WBTC), and stablecoins, before trading the majority of it on Uniswap.

🚨ALERT🚨 Hey @UwU_Lend, you are being attacked! So far address got around $14M. More updates will follow! Please contact us to learn how to secure your digital assets!

UwU Lend claims to have never been hacked since its inception in 2022. However, they posted on social media stating, “The protocol was paused a little under an hour ago while the team investigates the situation. Please rest assured that we were made aware of the situation immediately and are taking all necessary steps, doing our best here. Stay tuned for further updates.”

UwU Lend is based on open-source AAVE v2 codes and offers lending, borrowing, and staking services. Users receive 100% of platform revenues in the form of a token called UwU.

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