DeFi

UwU Lend hacker earns extra $3.7 million in recovery plan for earlier attack – DL News

Published

8 months ago

13 June, 2024

UwU hacker Lend returns to grab another $3.7 million.
The lending protocol was hacked on Monday using a $23 million flash loan.

UwU Lend users rejoiced on Wednesday after the lending protocol said it was able to fully reimburse victims of its recent $23 million exploit.

But their celebrations were cut short when at 7:46 a.m. London time the same hacker returned to take another $3.7 million.

This is despite UwU Lend offer hacker a 20% bounty – worth $4 million – to return user funds in a Monday hack.

According to Yaron Velner, CEO of risk management project B.Protocol, the hacker was able to extract more money from the protocol using its intended functions thanks to an oversight by its developers.

“Today’s operation did not involve any manipulation. Just malicious intent and misconfiguration on the UwU side,” he said. DL News.

This comes after UwU Lend said in a June 12 statement Message that it had identified and fixed the vulnerability in its sUSDe marketplace that the hacker had previously exploited.

“All other markets have been re-examined by industry professionals and auditors without any issues or concerns being detected,” the protocol states.

UwU Lend did not return a request for comment.

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UwU Lend began refunding its users on Wednesday after the $23 million exploit temporarily took it offline.

As of 5 a.m. Thursday, the protocol said it had refunded approximately $9.7 million stolen in the first hack.

“The protocol will reimburse all bad debts, as quickly as reasonably possible,” UwU Lend said. “We are pleased to report that no user funds were lost due to this process.”

UwU loan controversial Founder Michael Patryn, better known by his pseudonym 0xSifu, previously offered to drop all charges if the hacker returned 80% of the stolen crypto, worth around $18 million.

Oracle Attack

On Monday, a hacker used a $4 billion flash loan to manipulate the price of certain tokens on UwU Lend, allowing them to dump the protocol.

A flash loan is a type of DeFi transaction in which a user borrows funds from a lending protocol and repays them in the same transaction.

Although flash loans are often used by market makers to quickly arbitrage price differences in DeFi markets, they also enable exploits that require large amounts of capital to complete.

Zircuit co-founder Martin Derka – who co-developed a tool to detect flash loan-based exploits while working at crypto security firm Quantstamp – said such exploits were notorious in DeFi.

“These types of vulnerabilities are typically very difficult to discover during smart contract audits, because they require in-depth knowledge of multiple protocols: those being audited and those being used as oracles,” he said. DL News.

“There are also not enough automated tools capable of discovering such vulnerabilities. »

Launching in 2022, UwU Lend is a fork of Aave, the largest DeFi lending protocol with $12.4 billion in deposits.

A fork is where a team of developers uses the open source code of an existing DeFi protocol to launch a similar protocol – often on a different blockchain or with minor modifications.

But changes to Aave’s code allowed the hacker to drain UwU Lend. The protocol used easy-to-manipulate oracles – software that provided it with the prices of various tokens.

UwU Lend’s UWU token is down 15% over the past week and is trading at around $2.70.

Update, June 13: This article has been updated to include comments from B.Protocol CEO Yaron Velner, who clarified that the $3.7 million theft was not caused by a separate exploit. An earlier version misstated the name of the blockchain co-founded by Martin Derka; it’s Zircuit, not Circuit.

Aleks Gilbert is a DeFi correspondent at DL News. Do you have any advice? Send him an email to aleks@dlnews.com.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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