Published on juni 10, 2024, 1:35 pm
Image source: Fox News
- TLDR: A cyber exploit on the UwU Lend protocol resulted in an attacker stealing nearly $20 million in digital assets. The hacker leveraged Tornado Cash for malicious transactions. This incident adds to the increasing trend of cryptocurrency hacks with $542.7 million stolen in early 2024, highlighting the need for enhanced security measures in the crypto ecosystem.
The exploit targeting the UwU Lend protocol has resulted in the attacker gaining nearly $20 million in digital assets. The incident, which took place on June 10, has been identified as an ongoing cryptocurrency exploit. Cyvers, an on-chain security firm, first reported the $14 million breach in a post on the same day.
UwU Lend operates as a decentralized finance (DeFi) protocol focusing on liquidity markets for depositing and borrowing digital assets. Within an hour of Cyvers’ alert, the hacker had already stolen over $20 million through this exploit. While investigations are ongoing, Meir Dolev, Cyvers’ chief technology officer and co-founder, noted that this hack impacted multiple assets significantly.
Following the attack, it was revealed that the assailant leveraged funds from the crypto mixing protocol Tornado Cash and carried out three malicious transactions to execute the breach according to Dolev’s statement. This incident is part of a concerning trend as crypto hackers are potentially set to surpass the previous year’s record in stolen digital assets.
In early 2024 alone, hackers managed to steal digital assets worth $542.7 million, showing a 42% increase from the same period last year. The rise can be attributed to escalating cryptocurrency valuations which have attracted more malicious actors over time.
Moreover, cybercriminals are increasingly targeting easier prey according to Mriganka Pattnaik, co-founder and CEO of Merkle Science, a crypto risk and intelligence platform. As such cyber exploits become more common, it underscores the importance of robust security measures within the cryptocurrency ecosystem to safeguard against such attacks effectively.
Original article posted by Fox News
