The UwU Lend protocol, which suffered a $20 million hack on June 10, is once again under attack in an ongoing cryptocurrency exploit.
Cyvers, an onchain data analytic platform, alerted the protocol to the exploit, identifying the attackers as the same group responsible for the previous $20 million theft.
The ongoing exploit has resulted in the theft of $3.5 million from various asset pools, including uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT. The stolen assets have all been converted to ETH and can be traced back to the attacker’s address at 0x841dDf093f5188989fA1524e7B893de64B421f47.
The initial exploit was triggered by price manipulation. In the latest attack, which occurred just three days after the $20 million theft, UwU Lend initiated the reimbursement process shortly before the second exploit took place.
The first exploit involved the attacker using a flash loan to manipulate the prices of USDe and sUSDe tokens, resulting in the theft of nearly $20 million worth of tokens through price manipulation. The stolen funds were then converted to ETH.
Despite the ongoing attacks, UwU Lend had been working on reimbursing victims of the previous hack. The protocol announced that they had successfully repaid all bad debt for the $wETH market and reimbursed a total of $9,715,288.
UwU claimed to have identified and fixed the vulnerability responsible for the exploit, stating that it was unique to the USDe market oracle. The protocol assured users that all other markets had been thoroughly reviewed by professionals and auditors with no additional concerns found.
Source: UwU Lend
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UwU Lend experiences second cyberattack amid 20 million refund procedure