UwU Lend Suspected of Loophole, $19.3 Million Withdrawn!

Bittime - UwU Lend lending protocol is reported to have a loophole in the crypto world. According to Arkham's report, a blockchain monitoring platform, a withdrawal of $19.3 million (around IDR 285 billion) from UwU Lend was detected.

What is UwU Lend?

UwU Lend is a lending protocol inspired by Aave and allows users to lend and borrow crypto assets, including the algorithmic stablecoin MIM. This protocol was launched by the former CFO of Frog Nation.

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Chronology of Fund Withdrawals at UwU Lend

Based on Arkham monitoring, withdrawals from UwU Lend will begin on June 9, 2024.

• On June 9, 2024, there was a withdrawal of $17.1 million (around Rp. 253 billion).
• Then today, June 10 2024, there was another withdrawal of funds amounting to $2.2 million (around Rp. 32.6 billion).

Alleged UwU Lend Security Flaw

Arkham did not explicitly mention the type of security flaw detected in UwU Lend. However, based on blockchain analysis, there are several suspicious transactions, such as:

• Transfer of large funds from a loan pool to an unknown address.
• Price manipulation oracles used to determine the value of crypto assets.

This indicates that there is a security gap in the UwU Lend protocol that allows users to exploit the system and withdraw funds illegally.

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Impact and Follow-up Actions

The mass withdrawal of funds from UwU Lend of course has a negative impact on users' reputation and trust in the platform. Currently, the UwU Lend team has not issued an official statement regarding this situation. 

However, some in the crypto community have suggested that users withdraw their funds from UwU Lend as a precautionary measure.

The UwU Lend case is an example of the importance of conducting research and due diligence before investing in a crypto platform, especially a newly launched platform.

Crypto users should always be careful and only entrust their funds to platforms that are reputable and proven for security.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Peer-to-Peer Lending, Unlocking Passive Income Potential

What is Asset-Based Lending & its Advantages?

Staking vs Lending, Which is the Most Profitable?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.