UwU Lend security incident triggers Curve founder CRV's loan position liquidation
The representative of Curve founder Michael Egorov stated via a Telegram message on Friday that a vulnerability in UwULend triggered a series of events on Monday, leading to massive liquidations at Curve on Thursday. The $100 million loan that Egorov obtained from various protocols using Curve's CRV token as collateral began automatic liquidation on Thursday, causing the token to drop by 30%, and then briefly recovered. Egorov said: "On April 15th, they (UwULend) deployed vulnerable code for the new (sUSDe) market. These markets are not isolated, so the entire platform was at risk. UwU was hacked and as part of cashing out activities, hackers deposited stolen CRV from UwU into lending.curve.fi (LlamaLend), then disappeared with the funds leaving debt in the system."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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