$8.7M Exploit Rocks Moonwell's MAMO Core Market

Moonwell is investigating an incident affecting its MAMO Core Market on the Base network. As a precautionary measure, new borrowing in the market has been suspended.

According to blockchain security firms CertiK and PeckShield, the exploit resulted in losses of approximately $8.7 million. The attacker manipulated the collateral price of the MAMO token to borrow real cbBTC from the mCBTC market and consolidated the funds into DAI.

The incident has had an immediate impact on Moonwell's tokens, with WELL dropping around 13% in value over the past 24 hours, and MAMO falling approximately 9% in the same period.