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News

PeckShield Exposes UwU Lend Hack Was The Manipulation of The Price Oracle!

June 10, 2024 - Around 2 mins mins to read

Key Points:

  • UwU Lend hack stemmed from manipulated assets in its price oracle, compromising platform integrity.
  • Five assets, including FRAXUSDe and USDecrvUSD, were tampered with during the attack.
  • UwU Lend is swiftly investigating and enhancing security measures to prevent future breaches.
UwU Lend hack was possible due to a root problem in its price oracle. This hack tainted the platform and related specifically to the manipulation of particular assets that were used to set pricing of sUSDe.
PeckShield Exposes UwU Lend Hack Was The Manipulation of The Price Oracle!

UwU Lend uses a system of price oracles that work through the mediation of sUSDe assets’ worth, calculated using the median prices collected from different sources. It appears that five of these sources were tampered with in the hacker attack.

In this particular case, there were five assets whose prices were tampered with: FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe. These are key assets in the determination of various pricing structures in the UwU Lend ecosystem. The attackers were able to manipulate the data reflecting prices for these assets and exploit the vulnerability of the ecosystem to execute malevolent attacks.

Readmore: UwU Lend Exploit Causes Platform Loss of Nearly $20 Million

Price Oracle Manipulation Exposed in UwU Lend Hack

PeckShield Exposes UwU Lend Hack Was The Manipulation of The Price Oracle!

The manipulation of those key assets derived out of the platform operation of UwU Lend hack, because from there, they manipulated the key price data and opened a Pandora’s box on the likelihood of attacks on DeFi systems. It situated ugly concerns on the credibility and integrity of price oracles in these systems.

UwU Lend hack took prompt steps to address the issue and reduce the potential risks facing its users. The platform is in close collaboration with security agencies and authorities concerned to carry out a follow-up investigation into the matter and ensure that measures are taken to curb such occurrences in the future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Manipulation of The Price Oracle

sUSDe

UwU Lend

UwU Lend Hack

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

PeckShield Exposes UwU Lend Hack Was The Manipulation of The Price Oracle!

Key Points:

  • UwU Lend hack stemmed from manipulated assets in its price oracle, compromising platform integrity.
  • Five assets, including FRAXUSDe and USDecrvUSD, were tampered with during the attack.
  • UwU Lend is swiftly investigating and enhancing security measures to prevent future breaches.
UwU Lend hack was possible due to a root problem in its price oracle. This hack tainted the platform and related specifically to the manipulation of particular assets that were used to set pricing of sUSDe.
PeckShield Exposes UwU Lend Hack Was The Manipulation of The Price Oracle!

UwU Lend uses a system of price oracles that work through the mediation of sUSDe assets’ worth, calculated using the median prices collected from different sources. It appears that five of these sources were tampered with in the hacker attack.

In this particular case, there were five assets whose prices were tampered with: FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe. These are key assets in the determination of various pricing structures in the UwU Lend ecosystem. The attackers were able to manipulate the data reflecting prices for these assets and exploit the vulnerability of the ecosystem to execute malevolent attacks.

Readmore: UwU Lend Exploit Causes Platform Loss of Nearly $20 Million

Price Oracle Manipulation Exposed in UwU Lend Hack

PeckShield Exposes UwU Lend Hack Was The Manipulation of The Price Oracle!

The manipulation of those key assets derived out of the platform operation of UwU Lend hack, because from there, they manipulated the key price data and opened a Pandora’s box on the likelihood of attacks on DeFi systems. It situated ugly concerns on the credibility and integrity of price oracles in these systems.

UwU Lend hack took prompt steps to address the issue and reduce the potential risks facing its users. The platform is in close collaboration with security agencies and authorities concerned to carry out a follow-up investigation into the matter and ensure that measures are taken to curb such occurrences in the future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.