UwU Lend Offers 5 Million Reward in Ether for Identifying Attacker Following Second Exploit

UwU Lend Puts Up $5 Million in Ether Reward to Uncover Attacker After Second Breach


By Hassan Shittu
Updated:
June 14, 2024 11:39 EDT
|
2 min read


UwU Lend, a decentralized finance (DeFi) platform, has declared a $5 million bounty in Ether (ETH) for anyone who can identify and locate the individual responsible for the recent breaches.
The announcement was made on June 13 through
a message on the blockchain
after the hacker did not return the stolen funds by the agreed-upon deadline of June 12, 5:00 pm UTC.
Initially, UwU Lend had asked for 80% of the funds stolen in the first breach to be returned by the deadline. Despite this, the attacker executed another breach on June 13, taking more funds from UwU Lend’s pools.
$24 Million Stolen in Total: UwU Lend Offers $5 Million Reward in Ether
UwU Lend has fallen victim to two major breaches, resulting in a total theft of $24 million. The most recent breach,
on June 13, resulted in $3.7 million being taken
from UwU’s uDAI, uWETH, uLUSD, uFRAX, uCRVUSD, and uUSDT pools.
This came after an earlier 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 return of 80% of the stolen funds
with a promise of no legal action 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 taken. Cybersecurity firm Cyvers confirmed that
the same individual was behind both breaches
using the wallet address “0x841…21f47.”
In response to the second breach, UwU Lend sent a message to the hacker through the blockchain:


UwU Lend’s message to its hacker on the blockchain. Source: Etherscan
UwU also stated that the $5 million reward would be in Ether and would be given out before any funds are recovered or legal actions are taken. Despite these breaches, UwU Lend has reimbursed victims from the initial breach, with over $9.7 million already returned, as per a recent update on X.
Rise in Crypto Hacks
As per a recent report by Immunefi,
the crypto sector experienced around $473.22 million in losses
from 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 highlighted a surge in cyberattacks by North Korean hackers targeting cryptocurrency exchanges
, fintech firms, and individuals in Brazil. The report singles out the North Korean hacking group Pukchong (also known as UNC4899) as the main culprit. They utilized malicious software posing as a crypto price tracker to take control of victims’ systems.
North Korean groups have been specifically focusing on Brazilian cryptocurrency firms and various sectors like aerospace, defense, and government bodies. Other North Korean hacking groups, such as GoPix and URSA, are also actively targeting Brazilian cryptocurrency firms with similar malware attacks.
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