
UwU Lend, a leading decentralized finance (DeFi) lending platform, has been targeted in another significant security breach, resulting in an approximately $3.7 million loss. This marks the second attack within a short period, with the same perpetrator identified in both incidents.
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- UwU Lend got hacked again, losing $3.7 million.
- The person who stole the money changed it into Ethereum, which makes it more difficult to get it back.
- This shows that DeFi still has weak spots, so we need better safety.
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Breaking News: UwU Lend Suffers Second Hack, Losing $3.7 Million
This event has made people examine the Lend DeFi platform’s safety and ask for more transparency from financial platforms. Because there has been more than one security problem, investors are considering ways to keep things fair, which could affect how much people trust online money systems like DeFi in the future.
This happened right after UwU Lend was hacked recently. This made investors and users of DeFi platforms worried about the safety of their money in those places.
This shows how risky DeFi can be, where one person can do something that would normally require a group of bosses to decide in a regular company.
The foremost practitioners suggest that platforms engage with security practitioners more effectively to enhance cybersecurity. They underlined the necessity of durable vigilance and swift reaction to minimize possible losses.
The breach impacted various liquidity pools present on UwU Lend, such as uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT. The attacker was able to convert all the stolen assets into Ethereum (ETH), which can be tracked down to the said address at the time of writing.
That’s why the recent break-in on the UwU Lend online platform makes people worried about the safety of smart contracts within DeFi applications. Because they are complicated, the partners and main people in the computer industry are considering working together to guard all possible entrances, and stricter checking is needed to stop such things from happening.
Cyvers Alerts reported the incident on June 13, 2024, at 07:Coalition Commander: 46:23AM +UTC. Like the previous attack, the hacker conducted himself professionally and used newly designed vulnerabilities within the firm’s smart contracts with UwU Lend.
People who break into computers and online places where we keep money are always battling. Using these online money places can still be tricky, so smart people say we must do more to stop bad stuff from happening and tell everyone about the risks.
Efforts to recover the stolen money are ongoing, mainly because the person who broke in now has full control of the Ethereum assets. This problem shows how hard it can be to find and regain things affected by a break-in.
A major computer break-in at UwU Lend earlier this month cost them $19.9 million. This shows that the platform’s safety system has had problems. These events make everyone worried about the safety of all DeFi platforms and the need to manage risks better.
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