A hacker exploited the DeFi lending protocol UwU Lend, draining $19.5 million in a price oracle exploit, reported by Cyvers Alert. The incident occurred swiftly, with three transactions executed in six minutes, and was facilitated by Tornado Cash.
On-chain data shows the attacker moved assets like wrapped Ethereum (WETH), wrapped Bitcoin (WBTC), and stablecoins such as USDC. The root cause, identified by PeckShield, was a manipulation of the sUSDe asset’s price sourced from multiple oracles.
Despite the breach, UwU Lend’s total value locked (TVL) surged by 135% in 24 hours, now holding over 82,000 ETH valued at $305 million. Approximately $247 million of these are borrowed funds. Developed by Michael Patryn, UwU Lend enables users to provide and borrow liquidity.
Long-term, addressing security vulnerabilities is crucial for sustaining user trust in DeFi platforms.
For more details, refer to Cyvers Alert, on-chain data, and DeFiLlama.
