TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

UwU Lend offers bounty reward to uncover its exploiter

  • UwU Lend has announced a bounty reward of $5 million to whoever exposes the culprit who breached their protocol.
  • UwU Lend experienced another breach of $3.72 million after the previous $19.3 million extraction on Monday.
  • Crypto breaches have extracted an estimated $19 billion from the crypto market since 2011.
UwU Lend offers bounty reward to uncover its exploiter
Michael EbiekutanMichael EbiekutanFXStreet

In a Thursday broadcast, UwU Lend consents to a $5 million bounty reward in ETH to whoever discovers the identity of the hacker(s) who breached their protocol. The DeFi protocol has reportedly suffered another breach, which cost $3.72 million.

UwU Lend suffers $23 million breach, sets bounty reward of $5 million for hacker reveal

Based on an Input Data Message on Thursday via Etherscan, UwU Lend established a bounty reward for anyone who can reveal the identity of the hacker who breached through their walls. The reward, which is $5 million in ETH, will be delivered upon exposure of the exploiter.

Read more: AAVE price tumbles 20% in 2024 despite doubling its total value locked

The decentralized finance platform had previously attempted to resolve the issue with the hacker without pressing charges, given that the culprit would return 80% of the funds extracted on Monday. This message was released via an IDM on Monday following the breach, with an ultimatum of 17:00 UTC on Wednesday to return the funds.

As the unknown hacker failed to heed a settlement request from UwU Lend, the platform proceeded with the bounty reward approach.

Also read: Why Bitcoin remains sideways despite record BTC ETF inflows

“The repayment deadline for the funds you stole has passed. $5 Million bounty to the first person to identify and locate you, paid in ETH. No recovery of funds or charges is required. Have a nice day,” the announcement stated.

UwU Lend experienced a breach on Monday, which led to an exploit of $19.3 million. The DeFi platform was reported to have suffered another breach of $3.72 million earlier today, totaling $23 million, according to blockchain security firm SlowMist.

Read more: SEC Chair says Ethereum ETF S-1 approvals likely to come over the summer

This breach is the latest among several reported attacks targeted at crypto protocols. A recent report from Cointelegraph stated that the total estimate for breaches among crypto firms totaled $19 billion over the last 13 years, dating back to 2011.

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

More from Michael Ebiekutan
Share:

Editor's Picks

XRP extends recovery as ETF inflows, futures interest stabilize

XRP extends recovery as ETF inflows, futures interest stabilize

Ripple (XRP) ticks higher, trading at $1.42 on Wednesday while building on a recently confirmed support range between $1.30 and $1.35. The token also sits above major moving averages, reinforcing the bullish outlook. However, upside could remain capped unless the psychological barriers at $1.50 and $1.70 are cleared, paving the way for an extended recovery above $2.00.
Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks

Crypto Today: Bitcoin, Ethereum, XRP regain strength as US Treasury doubles down on buybacks

Bitcoin (BTC) is trending higher alongside other major cryptocurrencies on Wednesday. Ethereum (ETH) has reclaimed $2,500 as short-term support, raising the odds that the uptrend will gain momentum. Meanwhile, Ripple (XRP) shows signs of recovery, trading near $1.44 while supported by key moving averages.
Bitcoin climbs as Oil tops $100, equities drop after Iran strikes

Bitcoin climbs as Oil tops $100, equities drop after Iran strikes

Bitcoin rose as much as 1.6% since midnight UTC to $79,742 as U.S. Central Command said it destroyed five Iranian oil tankers on Tuesday night and Tehran responded with missile strikes on American bases in Jordan. Brent crude topped $100 a barrel for the first time since July. The largest cryptocurrency was recently trading near $79,000. Ether is 0.3% higher at $2,490 and XRP has added 0.4% to $1.42
Zcash breaks above 2018 highs, eyes 1600–2500 [Video]

Zcash breaks above 2018 highs, eyes 1600–2500 [Video]

We have talked extensively about the bullish outlook for Zcash (ZECUSD) over the past year, repeatedly highlighting the potential for a move back toward the 2018 highs and the $1,000 area. As anticipated, Zcash has now broken above its 2018 highs and pushed into the $1,000 region. The key question now is: how much upside remains?
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.