The UwU Lend protocol, which suffered a hack resulting in a loss of nearly $20 million on June 10, is now facing another attack in the world of cryptocurrency exploits.
Cyvers, an onchain data analytic platform, has notified the protocol about the ongoing exploit, indicating that the attackers responsible for this incident are the same ones behind the previous $20 million exploit.
The current exploit has successfully siphoned off $3.5 million from various asset pools including uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT. The stolen assets have been converted to ETH and are currently held at the attacker’s address: 0x841dDf093f5188989fA1524e7B893de64B421f47.
The initial exploit was triggered by price manipulation. The recent attack on the lending protocol occurred just within three days of the $20 million exploit. UwU had initiated the reimbursement process earlier today, right before the second exploit unfolded.
During the first UwU Lend exploit, the attacker utilized a flash loan to trade USDe for other tokens, causing a decrease in the prices of $USDe and $sUSDe. By depositing some tokens into UwU Lend, the attacker managed to lend more $sUSDe than expected, thereby driving up the $USDe price. Similarly, the attacker deposited sUSDe to UwU Lend and borrowed more CRV than anticipated, resulting in the theft of nearly $20 million worth of tokens through price manipulation. The attacker then converted the stolen funds into ETH.
UwU was in the process of compensating the victims of the previous hack and announced on X that they had repaid all bad debt for the $wETH market, which amounted to 481.36 $wETH ($1,734,042). In total, the protocol reimbursed a sum of $9,715,288.
UwU claimed to have identified the vulnerability responsible for the exploit, attributing it to the USDe market oracle. The protocol stated that the vulnerability has been addressed and that all other markets have been thoroughly reviewed by industry professionals and auditors without any issues or concerns.
Source:
UwU Lend
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