Moonwell Hit with $8.7 Million DeFi Exploit on Base

A DeFi protocol called Moonwell has suffered an $8.7 million exploit on Base.

The attacker manipulated the price of MAMO, a relatively illiquid token, to artificially inflate its collateral value, then used it to borrow real cbBTC from Moonwell's lending market.

CertiK reported that roughly $8.7 million in stolen funds had been consolidated at an address linked to the attacker.

Moonwell allows users to supply assets and earn variable lending yields or borrow crypto assets against collateral across multiple networks, including Base and Ethereum.