CyberAlert Reports $20m DeFi UWU Lend Hack; Funds Converted to ETH
CryptoNewsTerminal Staff10 Jun, 2024
CyberAlert Reports $20m DeFi UWU Lend Hack; Funds Converted to ETH
CyberAlert CTO Meir Dolev reported that "Just minutes after CyberAlert's X-Posted, the damage had increased to north of $20 million. Team is currently investigating the incident. The attacker has converted all the stolen WBTC & DAI to ETH." Earlier, CyberAlert had reported that UWU Lend was hacked for roughly $14 million. The increase in the stolen amount indicates that the attackers may have been able to exploit the hack further or that CyberAlert's initial estimate was too low. The attack on UWU Lend is a reminder of the risks involved in DeFi lending. While DeFi can offer users higher returns than traditional banking, it also comes with greater risks. Users should be aware of these risks and take steps to protect their funds, such as using a hardware wallet and only investing what they can afford to lose. ---
