Cyvers in the News

UwU Lend hit by $20M crypto hack

The ongoing exploit has already netted the attacker nearly $20 million in digital assets.

^{The $14 million exploit was first discovered by on-chain security firm Cyvers,} which wrote in a June 10 X post:

“Hey @UwU_Lend , you are being attacked! So far address got around $14M…”

‍

While the team is still investigating the incident, it is shaping up as a major cryptocurrency hack that affected multiple assets, according to ^{Meir Dolev, chief technology officer and co-founder of Cyvers.}

‍

Dolev told Cointelegraph:

“The attack is still ongoing, but we can already see that we’re talking about a major incident that has already passed the $20 million threshold. We’re talking about different assets (like WBTC and DAI) that are drained from the pools and being converted to ETH.”

‍

Shortly after the attack, Cyvers revealed that the attack was funded by the crypto mixing protocol Tornado Cash and executed three malicious transactions. According to Dolev:

“The UwU lending contract was exploited by an attacker that executed three transactions in six minutes and drained approximately $20 million. The attacker was funded from Tornado Cash two days ago.”

DeFi Platform UwU Lend Undergoes Cyber Attack: $19.5 Million Lost

^{The Web3 security firm Cyvers identified and reported this alarming incident.}

‍

As of this writing, the platform is still under attack. In an interview with BeInCrypto,

Cyvers co-founder Meir Dolev shed light on the incident:

“The UwU lending contract was exploited by an attacker that executed 3 transactions in 6 minutes and drained approximately $20 million. Attacker was funded from Tornado cash 2 days ago,” Dolev told BeInCrypto

UK crypto exchange stops trading after $22m is lost in ‘security incident’

Most of the biggest hacks this year have been due to private key leakage ―^{a security problem identified by cybersecurity outfit Cyvers as a potential major concern for crypto companies.}

‍

Last year, ^{Cyvers’ research revealed} that 85% of the $900 million stolen from exchanges, bridges and DeFi protocols in the latter half of the year were due to private key leakage.

‍

^{Cyvers co-founder Meir Dolev} previously told DL News the problem could become more endemic to crypto if industry participants did not adopt safety measures.