Crypto Lending Protocol Faces Second Hack, Loses $3.7 Million in Flash Loan Attack
UwU Lend suffered another hack today, losing $3.7 million according to blockchain security firms Beosin and Blocksec.
This marks the second attack this week via flash loans, both attributed to the same perpetrator. The stolen funds, converted into ETH, now reside in the attacker’s wallet address.
Earlier in the week on June 10, UwU Lend was first compromised, resulting in a $20 million loss. Beosin identified this initial incident as a flash loan exploit targeting the price oracles of sUSDe stablecoin on the platform.
READ MORE: Blockchain Protocol Loopring Announced a $5M Security Breach
Following the first attack, UwU Lend acknowledged the breach and issued updates, claiming to have resolved the security flaw specific to the sUSDe market oracle.
The lending protocol, founded by Michael Patryn, previously associated with QuadrigaCX exchange, has faced scrutiny for its security measures amidst these incidents.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
