UwU Lend Loses Another $3.72m

The UwU Lend platform has been subject to back-to-back crypto hacks. On June 10, hackers drained the platform of $20 million. Although the platform swiftly refunded the lost funds to affected users, their joy was short-lived.

On June 13, UwU security partner SlowMist announced on X that it had detected that UwU Lend had suffered another loss of $3.72 million. This second attack comes after UwU Lend announced on X that it had identified and fixed the vulnerability in its sUSDe market that the hacker previously exploited.

🚨SlowMist Security Alert🚨

We have detected that @UwU_Lend has suffered another loss of $3.72M.

As always, stay vigilant! pic.twitter.com/6tz2e5NDwx

— SlowMist (@SlowMist_Team) June 13, 2024

UwU Lend Offers Deal to Hacker After $18 Million Crypto Theft

Michael Patryn, founder of UwU Lend and known by the pseudonym 0xSifu, has offered a deal to a hacker who stole $18 million in crypto. Patryn proposed dropping charges if the hacker returned 80% of the stolen funds.

The hack happened on Monday when the hacker used a $4 billion flash loan to manipulate token prices on UwU Lend, draining the protocol. Flash loans in DeFi allow users to borrow and repay funds within a single transaction. Market makers often use these loans for arbitrage but can also be exploited for attacks needing large amounts of capital.

Martin Derka, founder of Circuit and co-developer of a flash loan exploit detection tool, stated that such exploits are common in DeFi. He noted that detecting these vulnerabilities during smart contract audits is challenging because it requires deep knowledge of multiple protocols. The hack comes after UwU Lend lost over $20 million in a recent attack.

Lykke Halts Trading After $22 Million Security Breach

Lykke, a UK-based cryptocurrency exchange, stopped trading on June 6 following a $22 million security breach. This incident has left users unable to withdraw their assets. Onchain data showed that half of the stolen assets were in Bitcoin, while the rest were in Ether, Litecoin, and Bitcoin Cash.

In related news, Zama, an open-source cryptography company, announced it raised $73 million in a Series A funding round. Multicoin Capital and Protocol Labs led the round, with participation from Metaplanet, Blockchange Ventures, VSquared, and Stake Capital. Notable blockchain pioneers involved include Juan Benet, founder of Filecoin; Anatoly Yakovenko, co-founder of Solana; and Gavin Wood, co-founder of Ethereum and co-creator of Polkadot.

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