The UwU Lend protocol fell victim to a hack that resulted in the loss of nearly $20 million on June 10 in a cryptocurrency exploit that is still ongoing.
The exploit, totaling $14 million, was first uncovered by the on-chain security firm Cyvers, as reported in a post on June 10. UwU Lend is a decentralized finance (DeFi) protocol that acts as a liquidity market, enabling users to deposit and borrow digital assets.
Following Cyvers’ initial alert, the hacker managed to steal over $20 million within an hour, escalating the magnitude of the exploit. As the team continues to investigate the incident, it appears to be a significant cryptocurrency hack affecting multiple assets, according to Meir Dolev, the chief technology officer and co-founder of Cyvers.
Dolev disclosed to Cointelegraph that shortly after the attack, Cyvers disclosed that the hack was supported by the crypto mixing protocol Tornado Cash, which executed three malicious transactions. This development comes at a time when crypto hacks are on the rise, with hackers targeting stolen digital assets. In the first quarter of 2024, hackers managed to steal digital assets worth $542.7 million, marking a 42% increase from the same period in 2023.
The surge in cyber exploits can be attributed to the increasing valuation of cryptocurrencies, which have attracted more malicious actors since the start of 2024. Additionally, attackers are seeking out easier targets, as noted by Mriganka Pattnaik, the co-founder and CEO of the crypto risk and intelligence platform Merkle Science.
In another related development, the alleged mastermind behind the Caitlyn Jenner meme coin has reportedly leaked a celebrity price list, adding to the intrigue in the cryptocurrency space.