Cryptocurrencies

    Onchain alerts reveal $19 million exploit of DeFi protocol Uwu Lend

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    On June 10, Arkham (CRYPTO:ARKM), an onchain intelligence platform, reported that the DeFi lending protocol Uwu Lend (CRYPTO:UWU) may have been exploited, with over $19 million siphoned from the platform.

    The exploit involved three suspicious transactions, as noted by security firm Cyvers, which detected the attack in real-time.

    The attacker, funded by Tornado Cash (CRYPTO:TORN), swapped the stolen assets into Ethereum (CRYPTO:ETH).

    Uwu Lend, launched in September 2022, is a fork of Aave’s (CRYPTO:AAVE) protocol and was created by Michael Patryn, co-founder of the defunct QuadrigaCX exchange.

    Cyvers claimed their systems could have prevented the theft if utilised.

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