Moonwell Locks Base Borrowing After $8.7M MAMO Attack
Attackers extracted roughly $8.7 million from Moonwell after artificially inflating the price oracle of the low-liquidity MAMO token, then using it as collateral to borrow higher-value assets before converting them to DAI. Automated Safeguards Protect User Funds Decentralized lending protocol Moonwell has restricted borrowing across all Core Markets on the Base network as it investigates […]
Key Takeaways
- Attackers extracted roughly $8.7 million from Moonwell after artificially inflating the price oracle of the low-liquidity MAMO token, then using it as collateral to borrow higher-value assets before converting them to DAI.
- Automated Safeguards Protect User Funds Decentralized lending protocol Moonwell has restricted borrowing across all Core Markets on the Base network as it investigates […]
- Read the full article for additional context and details.
Summary generated by IndiCrypto from News.Bitcoin.com. IndiCrypto is a news aggregator and does not provide investment advice. Read the original article for full context.
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