DeFi
Defi UwU Lend Protocol Suffers $19.3 Million Exploit: Arkham
Lending and liquidity protocol UwU Lend suffered an exploit worth $19.3 million, according to several blockchain security companies, including Arkham.
On chain data shows that a wallet successfully siphoned off a collection of tokens including wrapped ether (WETH), wrapped bitcoin (WBTC), and stablecoins before trading the majority of them on Uniswap.
It is not yet clear exactly how this feat took place. UwU loan written the that it is still investigating the cause and will offer refunds to compensate affected users.
UwU Lend is a lending protocol set up by Quadrige CX founder Michael Patrynwho bears the nickname “Sifu”.
Patryn went through a turbulent time before releasing UwU Lend. Quadriga CX collapsed and shortly after, an address linked to Patryn transferred $5.5 million worth of ether {{ETH}} to the now-sanctioned coin mixer Tornado Cash in 2022, while he was treasurer from Wonderland DAO.
UPDATE (June 10, 2:46 p.m. UTC): Adds a response from Uwu Lend.