Decentralized lending platform UwU Lend has recently announced a hefty $5 million bounty in an effort to track down a hacker who exploited the protocol, making off with a staggering $23 million in cryptocurrency. The team behind UwU Lend is offering this substantial reward to anyone who can successfully identify and locate the individual responsible for the cyber theft.
The decision to offer such a substantial bounty came after the hacker failed to meet the deadline set by UwU Lend’s team. Initially, the team had hoped that by offering a 20% reward, the attacker would return 80% of the stolen funds. Unfortunately, this did not come to fruition, leading to the announcement of the $5 million bounty.
According to crypto investigator @CryptoEvgen, the hacker has been using Tornado Cash, a mixing service known for facilitating significant amounts of crypto laundering and flagged by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). It is reported that the hacker has already managed to launder around 500 ETH, equivalent to approximately $1.7 million based on current market prices.
UwU Lend, which is built on the AAVE v2 code, fell victim to two separate attacks by the same hacker within a short span of three days. The attacks, believed to be flash loan attacks, targeted multiple liquidity pools on the platform. Founded by Michael Patryn, also known as Omar Dhanani or “0xSifu,” UwU Lend offers various services such as lending, borrowing, and staking, with platform revenues distributed through its native token, UwU.
The situation has caused a stir in the crypto community, with many closely monitoring the developments surrounding the stolen funds and the efforts to apprehend the hacker. The $5 million bounty offered by UwU Lend underscores the severity of the situation and the determination of the team to seek justice.
Cybersecurity experts and blockchain analysts are working tirelessly to trace the movements of the stolen funds and identify any leads that could help in apprehending the hacker. The use of sophisticated technologies and forensic techniques will be crucial in this investigation, as the hacker has already managed to cover their tracks by utilizing a crypto mixing service.
As the story continues to unfold, it serves as a stark reminder of the risks associated with decentralized finance platforms and the importance of robust security measures in safeguarding users’ assets. The crypto community remains vigilant in the face of such incidents, emphasizing the need for constant monitoring and proactive steps to mitigate potential threats.
In the meantime, the hunt for the hacker behind the UwU Lend exploit continues, with the promise of a substantial reward serving as a powerful incentive for those willing to assist in bringing the perpetrator to justice.