Moonwell Locks Borrowing After $8.7M MAMO Exploit
Moonwell has halted borrowing across its Core Markets on the Base network after a price oracle exploit involving the MAMO token drained approximately $8.7 million. Security firms CertiK and PeckShield flagged the incident, prompting an investigation into the lending market issue.
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Moonwell Locks Base Borrowing After $8.7M MAMO Attack
Attackers extracted roughly $8.7 million from Moonwell after artificially inflating the price oracle of the low-liquidity MAMO token, then using it as collateral to borrow higher-value assets before converting them to DAI. Automated Safeguards Protect User Funds Decentralized lending protocol Moonwell has restricted borrowing across all Core Markets on the Base network as it investigates […]
Moonwell MAMO exploit drains $8.7M from Base lending market
Moonwell has halted new borrowing across its Core Markets on Base after an apparent MAMO collateral price manipulation exploit drained about $8.7 million from the decentralized lending protocol. Moonwell said in an Aug. 27 post on X that it was…
Moonwell investigates lending market issue on Base as security firms flag multimillion-dollar exploit
Security firms CertiK and PeckShield estimate losses of around $8.7 million after an attacker manipulated the collateral price of MAMO.