UwU Lend Offers $5M Bounty After $24M of Crypto Exploits
The UwU Lend protocol, a notable player in the decentralised finance (DeFi) space, has been rocked by a series of exploits that have resulted in the theft of $24 million. The hacker behind these attacks, utilising the wallet address “0x841…21f47,” executed two significant exploits, causing substantial financial damage to the protocol.
New Intel Exchange Bounty: UwU Lend Exploit
UwU Lend was exploited for over $19M on June 10th, and again for $3.7M on June 13th.
The first attack, executed on 10 June, involved a sophisticated price manipulation scheme that drained $20.3 million from UwU Lend. To recover a significant portion of the stolen funds, UwU Lend offered the hacker a deal: return 80% of the funds and retain the remaining 20%, with an assurance of no legal action. However, the hacker did not respond to this offer.
A Second Exploit and a Bold Move by UwU Lend
Shortly after this initial attack, while UwU Lend was in the process of reimbursing victims of the first exploit, the same hacker struck again on 13th June. This time, the hacker siphoned off an additional $3.7 million from various pools, including uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT.
UwU Lend is offering a $5 million bounty to anyone who can identify and locate the hacker who stole $24 million in two separate attacks. The deadline for the hacker to return 80% of the stolen funds was June 12, but they did not… pic.twitter.com/jKy8YVO0Ow
In response to the second exploit and the hacker’s continued elusiveness, UwU Lend made a public and bold announcement: a $5 million bounty for anyone who can identify and locate the attacker. This bounty, offered in Ether (ETH), would be paid out before any recovery of the stolen funds or legal charges being laid against the hacker.
“Repayment deadline for the funds you stole has passed. $5 million bounty to the first person to identify and locate you,” read the onchain message posted by UwU Lend on 13th June.
Broader Implications and Reactions
Despite the significant financial losses, UwU Lend has managed to maintain a degree of stability. The platform’s token, UWU, has only seen a 20% drop in value, settling at $2.51, with a market cap of $22.6 billion. Additionally, UwU Lend has already reimbursed over $9.7 million to victims of the first exploit.
This situation highlights a troubling trend in the cryptocurrency space. Nearly $19 billion has been stolen through various breaches since the industry’s first reported hack in June 2011. The recent exploits on UwU Lend underscore the persistent and evolving threat of cyberattacks targeting crypto protocols.
Rising Crypto Hacks and Global Threats
The broader context of these incidents reflects a concerning increase in cyberattacks on the crypto industry. A report by Immunefi revealed that the industry saw losses of approximately $473.22 million from 108 incidents in May 2024 alone. This trend is compounded by reports of North Korean hackers targeting cryptocurrency exchanges and fintech companies globally, with Brazil being a notable hotspot for these attacks.
Conclusion: A Call to Action
UwU Lend’s $5 million bounty represents a significant escalation in the fight against crypto theft, signalling a proactive stance in the face of adversity. This move aims to recover stores and serves as a deterrence attack, highlighting the ongoing battle between cybersecurity measures and sophisticated cybercriminals in the evolving landscape of decentralised finance.
