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Crypto

Moonwell Hacked for $8.7 Million on Base Network

Guavy AI Editorial Team
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Moonwell, a decentralized finance (DeFi) lending protocol, suffered an $8.7 million hack on the Base network.

The attacker manipulated the collateral price of the thinly traded MAMO token to artificially inflate its value, then borrowed assets from Moonwell using the inflated collateral and withdrew them.

The stolen funds were traced to a single address linked to the hacker. To curb further losses, Moonwell lowered borrowing caps on Base to 1 wei, blocking new loans, and also reduced borrowing caps for MAMO and WELL tokens to 1 wei.

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