15.5M WFLOW Tokens Drained from More Markets in Exploit Worth $9.3M

More Markets, a lending protocol developed by More Labs on the Flow EVM network, has fallen victim to an exploit that drained 15.5 million WFLOW tokens from its lending reserves.

The attacker exploited the protocol's handling of liquid staking tokens (LSTs) through its E-Mode system, which allows users to borrow more against assets considered closely related in value.

The attacker combined an Ankr bonded LST with E-Mode and manipulated collateral to take out loans repeatedly withdraw WFLOW from the protocol's mFlowWFLOW reserve.

Blockaid estimated the financial impact at around $9.3 million, based on WFLOW's market price.