Crypto
$8.7M Moonwell Exploit: Price Manipulation Heist Hits DeFi Lending
Moonwell, a decentralized lending protocol on Base, has halted new borrowing across its Core Markets after an apparent price manipulation exploit drained about $8.7 million.
The attacker manipulated the relatively illiquid MAMO token's collateral price before borrowing real cbBTC from Moonwell's mCBTC market, according to CertiK and PeckShield.
Moonwell lowered all Base Core Market borrow caps to 1 wei and set MAMO and WELL supply caps to 1 wei while it investigates the incident.