- UwU Lend, a decentralized finance (DeFi) platform, faced another significant breach recently.
- Blockchain security experts announced the attack, which took place earlier today.
- According to Etherscan, the hacker initiated the breach at 10:46 AM Turkish time.
UwU Lend suffers another multi-million dollar attack, elevating concerns within the DeFi community.
Details of the Recent DeFi Attack on UwU Lend
UwU Lend has become the latest target within the DeFi ecosystem, suffering a substantial loss of approximately $3.7 million in digital assets. The attack was confirmed by CertiK, a blockchain security firm, which revealed that the same attacker had previously breached UwU Lend just days ago. SlowMist, another security firm, also confirmed the details of the attack.
Hackers Convert Stolen Assets to Ethereum
De.Fi Antivirus explained that the culprit stole multiple types of stablecoins, including USDT, FRAX, LUSD, USDC, and DAI, from UwU Lend. Following the theft, all the stolen assets were converted to Ethereum (ETH). Etherscan records indicate that the hacker only utilized 5 Ethereum (valued at $17,537) to execute the breach.
Previous Attack Results in Higher Losses
Just days before the recent incident, the same attacker orchestrated a massive theft from UwU Lend, making away with nearly $20 million in a matter of minutes. The stolen assets included Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH), and DAI. This previous attack has been confirmed by several blockchain security researchers.
Connection to Tornado Cash
Investigations by Cyvers have discovered that the attacker withdrew funds from Tornado Cash two days before executing the breaches. Tornado Cash is a mixer service widely used to obscure the origins and destinations of cryptocurrency transactions, enabling the hacker to cover their tracks effectively.
Conclusion
UwU Lend’s repeated security breaches emphasize the vulnerabilities within the DeFi sector, calling for enhanced security measures. The substantial financial losses and sophisticated methods employed by attackers underscore the urgent need for platforms to safeguard their protocols better. As the DeFi space continues to grow, robust security mechanisms become indispensable to maintaining trust and protecting assets.
