Blockchain safety agency Cyber ​​Alert has reported {that a} vital exploit occurred in DeFi lending protocol UwU Lend, leading to losses of roughly $19.5 million.

The attackers pumped funds into the pockets through a licensed cryptocurrency mixer referred to as Twister Money.

Meir Dorev, co-founder and CTO of Cyberz, stated: currencyjournals In a June 10 assertion,

“The UWU mortgage settlement was exploited by attackers to execute three transactions in six minutes, stealing roughly $20 million.”

On-chain knowledge revealed that the attacker's pockets moved a number of digital belongings, together with wrapped Ethereum (WETH), wrapped Bitcoin (WBTC), and stablecoins corresponding to USDC. The attacker's tackle has been tagged on Etherscan as UwU Lend Exploiter.

Web3 safety agency PeckShield corroborated the incident, including that the basis explanation for the assault was a difficulty with a pricing oracle.

“Notably, the sUSDe asset is priced because the median from a number of sources, 5 of which had been manipulated through the hack, particularly FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe.”

In the meantime, UwU Lend acknowledged the incident and instantly suspended the platform.

“(We’re) taking all obligatory measures and doing our greatest. Please keep tuned for additional updates.”

TVL surge?

Regardless of the assault, the full worth of belongings locked in DeFi protocol UwU Lend surged 135% prior to now 24 hours.

Based on knowledge from DeFiLlama, UwU Lend at present holds over 82,000 ETH, valued at $305 million, though round $247 million of this funding is borrowed.

UwU Lend was developed by Michael Patryn (aka Sifu or 0xSifu), the controversial founding father of the defunct Quadriga CX trade. The platform permits depositors to offer liquidity and earn passive earnings, whereas debtors can get hold of liquidity by way of an over-collateralized methodology. Moreover, liquidity suppliers earn income by offering liquidity and staking LP tokens.