Key Points:
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
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. |
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Miami, Florida, 1st November 2024, Chainwire
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