Lending Market More Markets Hit by $9.3 Million Exploit Using Liquid Staking Token and E-Mode

A lending market called More Markets was targeted in an exploit on August 31, 2026. The attackers made off with around $9.3 million worth of WFLOW tokens from the mFlowWFLOW reserve. Blockaid, a security firm, observed that no keys were stolen and no blockchain gaps were exploited.

The attackers used two key components: a liquid staking token called ankrFLOW as collateral, and E-Mode, which treats both sides of a loan as equivalent. This allowed them to borrow WFLOW against the overvalued collateral, clearing out the reserve in the process.

E-Mode is a setting that permits higher borrowing limits for closely correlated assets. In this case, ankrFLOW was used as collateral, and Ethereum was borrowed. The attackers were able to take advantage of the fact that the value of the collateral was set higher than its actual worth.