$9.3M Drained from More Markets' Reserve via Ankr Tokens and E-Mode

A DeFi lending protocol called More Markets has suffered a reserve drainage of approximately $9.3 million in digital assets, according to security firm Blockaid.

The attack is attributed to the use of Ankr Staked FLOW (ankrFLOW) and Aave V3 E-mode overborrowing conditions, which allowed an attacker to extract roughly 15.5 million Wrapped Flow (WFLOW) tokens from the protocol's mFlowWFLOW lending reserve on the Flow EVM network.

The incident highlights the vulnerability of lending platforms that support liquid staking tokens when borrowing mechanics are combined with liquidity and efficiency-mode features, said Blockaid.