Moonwell Cuts Borrower Obligations to $9.13M After MAMO Market Exploit

Moonwell has released its post-mortem analysis of the recent MAMO market incident on Base, which revealed borrower obligations totaling $9.131 million after liquidations began.

The attack occurred on August 27, when an attacker manipulated MAMO collateral accounting and oracle pricing, allowing for 18 borrows across cbBTC, WETH, USDC, and wstETH, valued at approximately $11.03 million in gross terms.

Moonwell's analysis also highlighted a significant transfer of USDC through Circle CCTP, with approximately 8,729,454 units burned on Base and 8,728,319 units received on Ethereum, where it was later converted to DAI.