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Cyberpunk drains pipes $19.5 million from UwU Offer in cost oracle manipulate

Hacker drains $19.5 million from UwU Lend in price oracle exploit

Blockchain safety and security company Cyvers Alert reported a substantial manipulate on the DeFi loaning method UwU Offer, which caused an about $19.5 million loss.

The enemy moneyed their budget through the approved crypto mixer Twister Money.

Cyvers founder and CTO Meir Dolev informed CryptoSlate in a June 10 declaration:

” The UWU loaning agreement was manipulated by an assailant that performed 3 purchases in 6 mins and drained pipes roughly $20 million.”

On-chain information discloses that the enemy’s budget relocated numerous electronic possessions, consisting of covered Ethereum (WETH), covered Bitcoin (WBTC), and stablecoins like USDC. The enemy’s address has actually been identified as the UwU Offer Exploiter on Etherscan.

Web3 safety and security company PeckShield even more proved the event, including that the origin of the strike was a rate oracle concern. It stated:

” Particularly, the sUSDe possession is valued as typical from several resources. 5 of them, i.e., FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe, were adjusted throughout the hack.”

On The Other Hand, UwU Offer verified the event and promptly stopped its system. The method stated:

“[We are] taking all essential actions [and] doing our finest below. Remain tuned for additional updates.”

TVL rise?

Regardless of the manipulate, the complete worth of possessions secured on the DeFi method UwU Offer risen by 135% in the last 24 hr.

Information from DeFiLlama reveals that UwU Offer presently holds over 82,000 ETH, valued at $305 million. Nonetheless, roughly $247 countless these funds are obtained.

UwU Offer was established by Michael Patryn– additionally referred to as Sifu or 0xSifu– the questionable creator of the obsolete Quadriga CX exchange. The system makes it possible for depositors to offer liquidity to make easy revenue, while debtors can acquire liquidity in an over-collateralized way. Furthermore, liquidity companies supply liquidity and make profits by betting their LP symbols.

Uploaded In: Ethereum, HacksLatest Alpha Market Record



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