lending Archives - Top Crypto Game

Hacker drains $19.5 million from UwU Lend in price oracle exploit

admin — Mon, 10 Jun 2024 17:12:45 +0000

Blockchain security firm Cyvers Alert reported a significant exploit on the DeFi lending protocol UwU Lend, which resulted in an approximately $19.5 million loss.

The attacker funded their wallet via the sanctioned crypto mixer Tornado Cash.

Cyvers co-founder and CTO Meir Dolev told CryptoSlate in a June 10 statement:

“The UWU lending contract was exploited by an attacker that executed three transactions in six minutes and drained approximately $20 million.”

On-chain data reveals that the attacker’s wallet moved several digital assets, including wrapped Ethereum (WETH), wrapped Bitcoin (WBTC), and stablecoins like USDC. The attacker’s address has been tagged as the UwU Lend Exploiter on Etherscan.

Web3 security firm PeckShield further corroborated the incident, adding that the root cause of the attack was a price oracle issue. It said:

“In particular, the sUSDe asset is priced as median from multiple sources. Five of them, i.e., FRAXUSDe, USDeUSDC, USDeDAI, USDecrvUSD, and GHOUSDe, were manipulated during the hack.”

Meanwhile, UwU Lend confirmed the incident and immediately paused its platform. The protocol said:

“[We are] taking all necessary steps [and] doing our best here. Stay tuned for further updates.”

TVL surge?

Despite the exploit, the total value of assets locked on the DeFi protocol UwU Lend surged by 135% in the last 24 hours.

Data from DeFiLlama shows that UwU Lend currently holds over 82,000 ETH, valued at $305 million. However, approximately $247 million of these funds are borrowed.

UwU Lend was developed by Michael Patryn — also known as Sifu or 0xSifu — the controversial founder of the defunct Quadriga CX exchange. The platform enables depositors to provide liquidity to earn passive income, while borrowers can obtain liquidity in an over-collateralized manner. Additionally, liquidity providers supply liquidity and earn revenue by staking their LP tokens.

Posted In: Ethereum, Hacks

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Ethlend, SALT 2.0 – Decentralized Cryptocurrency Lending

Altcoin Buzz — Thu, 21 Mar 2024 01:40:17 +0000

Today we have a look at Ethlend which focuses on decentralized lending across the blockchain. Some are calling it the SALT 2.0. Here’s our take on Ethlend plus some updates on Altcoin Buzz and what we are working on.

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Mantra DAO: Financial Freedom via Polkadot's Web 3.0 DeFi Platform

Altcoin Buzz — Tue, 02 Jan 2024 06:48:19 +0000

MANTRA DAO is a community-governed DeFi platform focusing on Staking, Lending, and Governance.

MANTRA DAO leverages the wisdom of the crowd to create a community-governed, transparent, and decentralized ecosystem for web 3.0. Built on Parity Substrate for the Polkadot ecosystem, MANTRA DAO gives financial control back to the people to store and grow wealth together.

John Patrtick Mullian is the co-founder of Mantra DAO and shares his thoughts with Layah.

Mantra DAO web site:

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Timestamps
0:00 Introduction to Mantra DAO
0:55 How is Mantra DAO Different from Other DeFi Protocols?
1:57 What is Mantra DAO Position in Nodes?
3:41 How do you reward the Delegators?
5:36 How do you maintain the Deflationary model?
7:53 Is the Mantra Pool a gamified lottery?
9:01 How are gas fees impacting Mantra?
10:41 How does the NFT craze impact you?
14:58 How is the AMM DEX coming along?

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Disclaimer:
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the content creators/reviewers and their risk tolerance may be different than yours. Altcoin Buzz is not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Please do your own due diligence and rating before making any investments and consult your financial advisor. The information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

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NEXO Token Explained | 2 Minute Crypto

Altcoin Buzz — Fri, 03 Mar 2023 10:46:56 +0000

Get $124 for signing up with MEXC Exchange (FREE $25 in your MEXC wallet + 1-month ALTCOIN BUZZ ACCESS PRO membership (worth $99) – 1,900+ trading pairs and services are also available for US customers. (To secure your ALTCOIN BUZZ ACCESS PRO membership DM us with your ‘newly signed up MEXC UID’ and ‘Telegram ID’ to our Twitter @altcoinbuzzio)

Nexo is a lending platform for cryptocurrencies. Lenders can lend their digital assets such as Bitcoin, Tether, USDC, and more for interest. Borrowers can collaterize their digital assets in order to take a loan. It currently supports over 40 currencies and has been operating since 2018.

The NEXO Token is the key player inside Nexo’s ecosystem. If you are a borrower or lender, holding NEXO Tokens entitle you to much more competitive rates. As a holder you also earn interest on your NEXO Tokens, get free crypto withdrawals, and receive instant cashback on your transactions on the Nexo Exchange.

You can trade NEXO on Binance, Huobi Global, and HitBTC.

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DISCLAIMER
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the content creators/reviewers and their risk tolerance may be different than yours. Altcoin Buzz is not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Please do your own due diligence and rating before making any investments and consult your financial advisor. The information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

#nexo #crypto #defi

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164% APY?!? 😲 – Passive Income With Essentia Masternode

Altcoin Buzz — Thu, 21 Jul 2022 14:33:36 +0000

Essentia is a low cap coin that works with multiple blockchains and can help generate passive income with its masternodes that have generated a reported 164% APY.

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Resources
Essentia Masternode Guide

Essentia Block Explorer

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Timestamps:
00:00 Introduction
02:15 Essentia Nodes and Wallet
06:30 Get ESS on Uniswap
08:39 Deploy Masternode
12:35 Tokenomics
16:28 Staking ESS