UniLend Finance Reports $197K Loss from Vulnerability Exploit
TenArmorAlert reported a security breach at UniLend Finance, resulting in a loss of approximately $197,000. The attack exploited flaws in collateral token balance calculations, allowing the attacker to borrow stETH without repaying it after depositing USDC and stETH.
Key points:
- The attacker manipulated the redeem process, leading to incorrect collateral value calculations.
- SlowMist confirmed the exploit and estimated the total loss at $197,600.
- Over 53% of total losses due to hacks in the crypto sector involved DeFi platforms, according to PeckShieldAlert.
- Previous incidents include a $50 million loss at Radiant Capital linked to North Korea's Lazarus Group.
- Thala Protocol lost about $25.5 million last year due to an exploit, with funds later recovered following a reward offer.
Despite these challenges, UniLend Finance is collaborating with Singular AI Network to develop decentralized AI technologies and has launched Lamaa_AI to enhance DeFi applications.