UwU Lend Suffers $19M Loss In Price Manipulation Attack

UwU Lend has experienced a significant attack resulting in the theft of over $19 million in tokens. The attacker exploited price manipulation techniques to carry out the heist, using flash loans to orchestrate the scheme.

Initially, the attacker used a flash loan to swap $USDe for other tokens, causing the price of $USDe and $sUSDe to drop. Capitalizing on this price drop, the attacker deposited some of these tokens into UwU Lend and borrowed more $sUSDe than the platform would typically allow.

Next, the attacker manipulated the price of $USDe to drive it higher. Using the inflated value, they deposited $sUSDe into UwU Lend and borrowed more $CRV than expected. By exploiting these price fluctuations, the attacker managed to steal a substantial amount of tokens.

Hacker Store Over $19 Million Worth Of Different Cryptos 

In total, the attackers stole more than $19 million in various tokens, all of which were eventually swapped into $ETH. This incident underscores the vulnerabilities in decentralized finance platforms, where price manipulation and flash loans can be used to exploit the system.

UwU Lend is likely to face increased scrutiny and a loss of trust from the crypto community as a result of this breach. Moving forward, the platform will need to implement stronger security measures to prevent similar attacks and regain user confidence.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any AI stocks.

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Image Source: Max Bender/Unsplash // Image Effects by Colorcinch

Via: https://themerkle.com

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