$9M Stolen in Moonwell Price Manipulation Exploit

An attacker exploited a price manipulation vulnerability on Moonwell's Base lending market, causing estimated losses of $4 million to $9 million. The attack occurred on Wednesday and targeted MAMO, which was manipulated to inflate its collateral value.

The attacker used the inflated MAMO collateral to borrow cbBTC, USDC, wstETH, and ETH from depositor pools without repaying them. This drained these assets from their respective pools, highlighting a major security exploit in decentralized finance (DeFi).