- The attacker now has $3.7 million worth of assets in their wallet address.
- Cybercriminals made off with $542.7 million worth of digital assets in Q1 2024.
Beosin and Blocksec, two blockchain security companies, say that $3.7 million was stolen from the decentralized lending protocol UwU Lend today. Security researchers have linked this assault to the same hacker, making it the second flash loan breach of UwU Lend this week.
The attacker now has $3.7 million worth of assets in their wallet address, having converted them to ether. The first assault on the lending protocol occurred on June 10 and resulted in a $20 million loss. The last event was linked to a flash loan exploit, according to Beosin, which affected the platform’s sUSDe stablecoin price oracles.
The next day, UwU Lend issued a further update, claiming it had found and fixed the security hole, after acknowledging the previous exploit. A sUSDe market oracle-specific vulnerability, according to the protocol.
Rising Exploits
Moreover, Cyvers disclosed the attack’s funding source—the crypto mixing protocol Tornado Cash—and that the hackers carried out three fraudulent transactions.
The creator of UwU Lend, Michael Patryn, is also known as 0xSifu and Omar Dhanani. When the cryptocurrency exchange QuadrigaCX went down due to fraud claims, Patryn was one of the co-founders.
There is a chance that the amount of digital assets stolen by crypto hackers may exceed 2023. Cybercriminals made off with $542.7 million worth of digital assets in Q1 2024, up 42% from Q1 2023.
Since the beginning of 2024, more malevolent actors have been drawn to cryptocurrencies because of their increasing price, which is one of the causes for the rising number of stolen funds.
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