UwU Lend Issues $5 Million Bounty After Second Attack

On June 13, UwU posted an onchain message to the hacker, “Repayment deadline for the funds you stole has passed. 5 Million Dollar bounty to the first person to identify and locate you.”, following the hacker’s non-compliance with the June 12 deadline of transferring 80% of the stolen funds. UwU said that the $5 million bounty would be in Ether and would be given before the money is returned or the charges are laid.

Same hacker managed to perform the second $3.7m exploit and drained UwU’s uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT on June 13, Cyvers blockchain security firm explained. The two breaches that were executed were done by the same hacker wallet address identified as “0x841…21f47. ”

Details of the Exploits and Ongoing Reimbursement Efforts

The first exploit Aubrey noted was $20.3 million removed through a price manipulation attack on June 10. UwU asked the hacker to send back 80% of the funds and, in return, UwU could keep 20% and promised not to contact the authorities. However, the hacker did not reply and performed the second $3.7 million exploit shortly before UwU declared the $5 million bounty.

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The second attack happened when UwU began returning funds from the first $20.3 million attack. 

Impact on UwU Lend Token and Broader Crypto Security Landscape

As for the UwU Lend token (UWU), even after losing $24 million in total, the token has only declined by 20% in the last week trading at $2.51 on CoinGecko. It has a market capitalization of $22.6 billion as on today.

This case reveals the ongoing problems and the hazards present in the world of cryptocurrency. The first industry hack was reported in June 2011 and to date, a recent Crystal Intelligence report shows that $19 billion worth of cryptocurrencies have been stolen. Such vulnerabilities are inevitable in the growth of the industry; thus, strong security measures and constant oversight should be applied to avoid such cases and keep investors’ funds safe.

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