The crypto lending platform UwU Lend has once again fallen victim to a hack, just as it was recovering from a previous $20 million exploit. The latest attack, reported by the Web3 security firm Cyvers, resulted in the theft of $3.7 million from various asset pools.
In the initial breach, the attacker manipulated prices using a flash loan, causing a drop in the prices of certain tokens and enabling them to borrow more tokens than usual. Nearly $20 million worth of tokens were stolen in the first exploit, all of which were converted into Ether.
Despite efforts to reimburse affected users and address the vulnerability that facilitated the first exploit, UwU Lend was targeted again. This second breach, not stemming from the same vulnerability, highlights the challenges in securing decentralized finance platforms.
The need for strict security measures to protect user assets in the crypto space is emphasized by these incidents. In related news, hackers recently used a Google Chrome plugin to steal over $1 million from a Binance user.
As the crypto industry continues to evolve, the importance of robust security measures and constant vigilance against malicious actors becomes increasingly clear.
