UwU Lend, a decentralized finance (DeFi) protocol based on Ethereum (ETH), recently fell victim to a security breach resulting in the theft of $23 million worth of cryptocurrency from its platform.
Following the incident, the team at UwU Lend announced on social media platform X that the protocol will be temporarily paused while an investigation into the exploit is conducted.
The team stated, “Yesterday, UwU Lend was targeted by a sophisticated attack. Our team responded quickly, pausing the protocol within minutes. Borrowing and deposit rates have been set to 0% to ensure that users’ positions remain unaffected during this pause.”
UwU Lend has reached out to the hacker with an offer and is now awaiting a response. In a message on the blockchain, the lending and liquidity protocol proposed a white hat bounty in exchange for the return of the stolen assets.
“We are open to discussing a bounty with any parties involved in the recent exploit. We are offering a 20% white hat bounty on any funds taken, which you can keep if you return the remaining 80% to uwulend.eth. There will be no risk of further pursuit by us or any legal consequences.”
The hacker has until 5 PM on June 12th to voluntarily return the assets. If not, UwU Lend plans to offer the bounty to the public, rewarding 20% to anyone who can identify the hacker in a manner that leads to a conviction in court.
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