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Investigating the UwU Lend Hack and Flow of Funds

UwU Lend, a decentralized finance (DeFi) platform, suffered a security exploit on June 10th, resulting in a loss of more than $18.89 million on the Ethereum blockchain. UwU Lend is a platform for cryptocurrency users to earn and borrow digital assets. Unlike traditional banks, it doesn't hold onto your funds (non-custodial). Users can participate as depositors, borrowers, or LP stakers. Depositors provide liquidity to the market to earn a passive income, while borrowers can borrow in an overcollateralized fashion. LP stakers provide liquidity and receive a revenue share when staking their LP tokens.

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Hack Track: Pike Finance Flow of Funds Analysis

Pike Finance, a platform designed to simplify borrowing and lending digital assets across different blockchains, fell victim to a series of attacks in April 2024. Pike Finance allowed users to interact with their crypto directly on their native blockchains, eliminating the need for a complex "wrapping" process. This innovative approach aimed to streamline DeFi experiences.

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Hack Track: Mixin Flow of Funds Analysis

Mixin Network, a Hong Kong-based digital asset transactional platform, reported a security breach on 25 September, revealing a loss of approximately $200 million due to a hack of its cloud service provider. The stolen funds accounted for so far are comprised of ETH, USDT (swapped to DAI), and BTC. If the $200M figure stated by Mixin is accurate, it would make this incident the biggest hack of 2023 so far.

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