DeFi protocol Moonwell suffered an $8.7 million exploit on the Base blockchain. The attacker manipulated the price of the MAMO token, a relatively illiquid asset, to overvalue its collateral before borrowing real cbBTC from Moonwell’s lending market. The stolen funds, approximately $8.7 million, were consolidated at an address linked to the attacker. Moonwell’s WELL token briefly reached $0.0045 before dropping to $0.0033 following the incident.
Source: Read the original article
