UwU Lend
HackedLending · ✝ 2024
An oracle priced a stablecoin wrong; lenders paid.
UwU Lend was an Ethereum lending protocol founded by the pseudonymous developer Michael Patryn (0xSifu). In June 2024 an attacker used flash loans to manipulate the price oracle for a curve-related asset, draining about $20M.
- Peak
- ~$20M stolen
- Cause
- Hacked
- Year of death
- 2024
☠️ Cause of death
Flash-loan-driven manipulation of a price oracle let the attacker borrow against artificially inflated collateral and drain reserves.
📓 Lessons left behind
- —Thinly-traded assets make oracles easy to manipulate.
- —Use robust, multi-source pricing for every listed market.
- —A controversial founder is a trust liability when things break.
🌱 The idea that survived
Resilient oracle design
Reinforced manipulation-resistant pricing for low-liquidity collateral in lending markets.
#lending#oracle#flash-loan#ethereum