UwU Lend Offers 5 Million in Ether Bounty to Identify Attacker Following Second Exploit

UwU Lend puts up $5 million in Ether as reward to uncover attacker following second breach


By Hassan Shittu
Published:
June 14, 2024 11:39 EDT
|
Reading time: 2 minutes


UwU Lend, a decentralized finance (DeFi) platform, has declared a $5 million bounty in Ether (ETH) for anyone who can identify and apprehend the culprit behind its recent breaches.
The reward was announced on June 13 through
a message on the blockchain
after the hacker failed to return the stolen funds by the agreed deadline of June 12, 5:00 pm UTC.
Initially, UwU Lend had asked the attacker to return 80% of the stolen funds from the first breach by the deadline. Despite this, the hacker carried out another breach on June 13, pilfering more from UwU Lend’s pools.
$24 Million in Total Losses: UwU Lend Puts up $5 Million Bounty in Ether
UwU Lend has endured two major breaches, resulting in a total loss of $24 million. In the most recent breach,
on June 13, the hacker made off with $3.7 million
from UwU’s uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT pools.
This followed a previous breach on June 10, where $20.3 million was siphoned off through a manipulation of prices. Following the initial breach,
UwU Lend had requested the hacker to return 80% of the stolen funds
and assured no legal action would be taken if the demand was met.
However, with no response from the hacker, a second breach was carried out on June 13, resulting in an additional $3.7 million being stolen. Blockchain security firm Cyvers identified that
the same hacker was behind both breaches
using the wallet address “0x841…21f47.”
In response to the second breach, UwU Lend sent a message on the blockchain to the hacker:


UwU Lend’s message to the hacker on the blockchain. Source: Etherscan
UwU also stated that the $5 million reward would be in Ether and would be paid out before any funds are recovered or legal action is taken. Despite the breaches, UwU Lend has reimbursed victims of the first breach, repaying over $9.7 million already, as per a recent update on X.
Increase in Crypto Hacks
As per a recent report by Immunefi,
the crypto sector suffered around $473.22 million in losses
due to 108 incidents in May 2024. This marks a 12% decrease from May 2023 and a 28% decrease from the previous month.
A threat intelligence report from Google Cloud on June 13 also revealed a surge in cyberattacks by North Korean hackers targeting cryptocurrency exchanges,
fintech firms, and individuals in Brazil. The report pointed to the North Korean hacking group Pukchong (also known as UNC4899) as the main perpetrator. They used malicious software disguised as a crypto price tracker to take control of victims’ systems.
North Korean groups have specifically targeted cryptocurrency companies in Brazil and various industries like aerospace, defense, and government bodies. Other North Korean hacking groups, such as GoPix and URSA, also actively target Brazilian cryptocurrency firms with similar malware attacks.
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