More Markets Suffers $9.3M Security Breach on Flow EVM

A DeFi vault infrastructure protocol called More Markets has suffered a significant security breach. Blockaid, a Web3 security platform, reported that an attacker drained approximately $9.3 million in digital assets from the mFlowWFLOW lending reserve on Flow EVM.

The attack exploited Ankr Staked FLOW (ankrFLOW) and E-mode to overborrow from the reserve. E-mode is an Aave V3 feature designed to increase borrowing power for assets with correlated prices, such as liquid staking tokens and their underlying assets.

According to Blockaid, the attacker made off with 15.5 million Wrapped Flow (WFLOW) tokens. This incident has pushed total losses from cryptocurrency hacks to $139.7 million in August, making it the third-largest month by value stolen so far this year.