Moonwell, a decentralized lending protocol on Base, has frozen borrowing in its MAMO Core Market by reducing the borrow cap to 1 wei after an attacker exploited low liquidity in the MAMO token. The attacker manipulated MAMO's price, using inflated collateral to borrow about $10 million in assets, including over $4 million in wrapped Bitcoin (cbBTC). Moonwell also tightened supply caps on MAMO and its governance token WELL to prevent further damage. The incident highlights ongoing risks in DeFi lending related to price oracle manipulation, especially for low-volume tokens, and Moonwell is currently reviewing the exploit's impact and deciding on future safeguards.
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Moonwell, a DeFi lending and borrowing platform operating on multiple blockchains, suffered an $8.7 million exploit on the Base network. Attackers manipulated the price of the illiquid MAMO token used as collateral, inflating its value to borrow real...
