UwU Lend Announces $5M Bounty to Find Exploiter Behind $24M Theft

Last Updated on June 14, 2024

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Key Takeaways:

  • UwU Lend lost a total of $24 million in two major exploits, with $20.3 million on June 10 and $3.7 million on June 13.
  • UwU Lend has offered a $5 million bounty for information on the attacker after the deadline to return funds passed.
  • Despite significant losses, the UWU token only decreased by 20%, currently priced at $2.51.

The UwU Lend protocol has faced two major exploits, losing a total of $24 million.

Following these attacks, UwU Lend has offered a $5 million bounty for identifying the attacker.

The deadline for the hacker to return 80% of the stolen funds by June 12 passed without compliance, leading UwU Lend to announce the bounty in an onchain message on June 13.

The most recent exploit on June 13 resulted in the theft of $3.7 million from various pools.

The first exploit on June 10 involved price manipulation, causing a $20.3 million loss.

Blockchain security firm Cyvers confirmed that both attacks were executed by the same wallet address.

UwU Lend has begun reimbursing victims, with $9.7 million already returned.

Despite the losses, the UWU token has only decreased by 20%, now priced at $2.51 with a market cap of $22.6 billion.

A report from Crystal Intelligence highlighted that nearly $19 billion in cryptocurrencies have been stolen since 2011.

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