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Defi Protocol UwU Lend Suffers $19.3M Exploit: Arkham
The protocol was set up by Quadriga CX co-founder "Sifu."
Updated Jun 10, 2024, 10:37 p.m. Published Jun 10, 2024, 1:27 p.m.
- $19.3 million was siphoned out of Uwu Lend before the exploiter converted the tokens on Uniswap.
- Uwu Lend has not responded to the exploit.
Lending and liquidity protocol UwU Lend has suffered an exploit worth $19.3 million, according to several blockchain security firms including Arkham.
On-chain data shows that one wallet managed to siphon a collection of tokens including wrapped ether (WETH), wrapped bitcoin (WBTC) and stablecoins before trading the the majority of it out on Uniswap.
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It is currently unclear how the exploit took place. UwU Lend wrote on X that it is still investigating the cause and is "taking all necessary steps."
UwU Lend is a lending protocol set up by Quadriga CX founder Michael Patryn, who goes by the moniker "Sifu."
Patryn endured a turbulent period before releasing UwU Lend. Quadriga CX collapsed and soon after an address linked to Patryn transferred $5.5 million worth of ether to now sanctioned coin mixer Tornado Cash in 2022, whilst he was the treasurer for the Wonderland DAO.
UPDATE (June 10, 14:46 UTC): Adds response from Uwu Lend.
CORRECTION (June 10, 22:37 UTC): Removes that UwU Lend said it would compensate users; that statement came from an impersonator account.
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