Moonwell Hit with $9M Exploit as Attacker Manipulates MAMO Price

A DeFi lending protocol called Moonwell has been hit by an exploit that drained over $9 million in real crypto assets. The attacker manipulated the price of MAMO, a token accepted as collateral on Moonwell, from around $0.0105 to $0.088.

This made the attacker's MAMO holdings appear far more valuable than their market value, allowing them to use it as collateral and borrow real assets like cbBTC, USDC, wstETH, and ETH from the platform.

CertiK reported that around $8.7 million had already been drained, while other tracking showed the total loss had passed $9 million.