The decentralized finance (DeFi) lending protocol UwU Lend has been compromised, leading to a substantial loss of approximately $19.3 million in digital assets.
This event is the latest in a long series of incidents that have raised further questions on the security of DeFi platforms.
UwU Lend Protocol Drained of $19.3M
As per the reports from the leading blockchain security companies such as Arkham and Cyver, the attack was a swift one where the hacker made three transactions within six minutes.
According to Arkham, the lending protocol UwU Lend launched by Frog Nation’s former CFO 0xSifu is suspected to have been attacked. The protocol may have loopholes, and $19.3 million of funds have been abnormally outflowed. The project is a fork of Aave and supports the lending of…
— Wu Blockchain (@WuBlockchain) June 10, 2024
The security breach was first detected by Cyvers on their X platform, raising an alarm for UwU Lend on the activities that resulted in the unauthorized transfer o
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