- 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.
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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.
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