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.
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
FXStreet
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
