$8.7M Moonwell MAMO Market Exploited in Coordinated Attack
Moonwell's MAMO market on Base was exploited in an attack that drained approximately $8.7 million, according to estimates from CertiK and PeckShield.
The post-mortem report by Moonwell stated that the attacker manipulated MAMO collateral accounting and oracle pricing on August 27, enabling 18 borrows across cbBTC, WETH, USDC, and wstETH.
The total gross borrowing value was approximately $11.03 million, with liquidations beginning just 32 seconds after the final successful borrow. Moonwell estimated that around $9.131 million in borrower obligations remained after liquidations began.
The attack also involved a USDC bridge transfer, which saw around 8.7 million USDC burned on Base and later converted to DAI on Ethereum. Moonwell responded by reducing borrow caps in the Base Core Market and supply caps for MAMO and WELL to 1 wei, effectively preventing further borrowing or supply through affected parameters.