Scam Alert: DeFi Lender UwuLend Exploited for $19.4 Million

Scam Alert: DeFi Lender UwuLend Exploited for $19.4 Million

Just at a time when it appears the crypto scam ecosystem is dimming its influence, decentralized finance (DeFi) lending protocol UwuLend was a victim to a great feat.

Just at a time when it appears the crypto scam ecosystem is dimming its influence, decentralized finance (DeFi) lending protocol UwuLend was a victim to a great feat.

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UwuLend Cheat Saga

According to crypto intelligence service provider CertiK, approximately $19.4 million in blocked funds have been emptied from the protocol’s wallet. While details of these exploits are still emerging, UwuLend is suspected of having loopholes that could have made the exploit possible.

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UwuLend is a fork of the Aave protocol that was started by former Frog Nation CFO, 0xSifu. 0xSifu is the alias of Michael Patryn, co-founder of the defunct Canadian trading platform QuadrigaCx. For those who know the connection between Patryn and currency collapses, it now appears that a trend is showing.

While Aave has not faced any major related exploits, the UwuLend hack is a testament to how fragile the DeFi security system in general is. While the current forecast is unknown, there are cases of hacks and refunds in the crypto ecosystem.

When the 2020 Poly Network hack took place, the team negotiated a refund with the hacker. With more than $610 million siphoned off by the attacker, the entire saga became a Whitehat case when the hacker initiated a full refund of the stolen money.

Although Poly Network is an outlier in the ecosystem, there have been other related exploits that resulted in permanent losses.

Be cautious

As the UwuLend team and users navigate this disturbing trend, the warning note from different industry leaders is proving louder. With the prevalence of Deepfake scams and other forms of exploits, the teams at Ripple Labs and Shiba Inu are known to always warn their community to prevent anyone from getting hurt.

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While users or the team may not be able to avoid the UwuLend exploit, the advice to be cautious is still the golden rule for investors to follow.

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