Decentralized lending protocol UwU Lend has been hacked for the second time this week, resulting in a loss of $3.7 million. This latest exploit, which occurred today, follows a similar attack on June 10 that led to a staggering loss of $20 million. According to blockchain security firms Beosin and Blocksec, the stolen assets have been converted to ether and currently sit in the attacker's wallet address.

Security analysts believe that both attacks were carried out by the same perpetrator, who exploited UwU Lend's vulnerability to flash loans. The first attack, which occurred on June 10, was identified as a flash loan exploit that manipulated the price oracles of sUSDe stablecoin on the platform. UwU Lend acknowledged the exploit and provided an update the following day, stating that it had identified and resolved the security vulnerability. However, it seems that the protocol's measures were not enough to prevent a second attack.

UwU Lend was founded by Michael Patryn, who has also operated under the aliases Omar Dhanani and 0xSifu. Patryn has a controversial past, having co-founded QuadrigaCX, a cryptocurrency exchange that collapsed amidst allegations of fraud. The lending protocol has not yet responded to The Block's request for comment, leaving many questions unanswered about the security of its platform and the measures it will take to prevent future exploits.

The two attacks on UwU Lend have raised concerns about the security of decentralized lending protocols and the risks associated with flash loans. Flash loans, which allow users to borrow assets for a short period of time without collateral, have become increasingly popular in the DeFi space. However, they also pose significant risks, as seen in the case of UwU Lend.

As the DeFi landscape continues to evolve, it is essential for protocols like UwU Lend to prioritize security and implement robust measures to prevent exploits. The two attacks on UwU Lend serve as a reminder of the importance of security in the DeFi space and the need for protocols to be vigilant in protecting their users' assets. With the stolen assets currently sitting in the attacker's wallet address, all eyes are on UwU Lend to see how it will respond to this latest exploit and prevent future attacks.