A supplier in Moonwell’s Base cbBTC Core market filed a formal governance request on Nov. 3, asking protocol contributors and risk provider Anthias Labs to publish a remediation plan with a timeline. The request arrived nearly 10 weeks after the Aug. 27 MAMO exploit left the market with bad debt.
The author, posting under a forum username, said they hold about 1.462 cbBTC across three wallets. The post said there is still no published remediation path for cbBTC suppliers and added that wallet addresses could be shared privately with contributors. Unchained said it had not verified those holdings. As of about 20:55 UTC on Nov. 3, the thread had no replies.
Only about $1.72 remained available for withdrawal
Unchained’s own read of the market contract on Base at block 53,474,710, taken at 20:46 UTC on Nov. 3, showed about 0.0000221 cbBTC in cash. Using CoinGecko’s cbBTC price of $77,683, that worked out to roughly $1.72. That cash represented all suppliers could withdraw at the time.
The same contract read showed about 58.65 cbBTC borrowed against roughly 58.48 cbBTC supplied, with about 0.17 cbBTC in reserves. Anthias counts most of those loans as bad debt.
In its weekly update covering Oct. 9 to 15, Anthias put gross bad debt in the market at 54.8 cbBTC, against reserves of 0.1364 cbBTC. Its update for Oct. 23 to 29 showed 54.87 cbBTC in bad debt.
In recommendations dated Sept. 29, Anthias said 93.5% of the cbBTC market’s debt sat in insolvent accounts. It described the market as one where supplier balances were backed only about 22% by cash and healthy loans.
Reserve repayment went to the USDC market, not cbBTC
MIP-X66, executed in early September, lowered projected interest on bad debt and repaid about $247,000 of protocol-owned reserves into the Base USDC Core market. The post-mortem listed that market with about $2.35 million of residual attacker debt.
The cbBTC market received no reserve repayment. The new cbBTC request says neither of the two proposals addressed repayment for suppliers, describing both instead as measures that reduced interest accrual on bad debt.
According to Unchained’s read of the market contract, MIP-X69 took effect on Base on Oct. 17. It fixed cbBTC’s borrow rate at 1% and set its reserve factor at 99%.
A USDC supplier wrote that users watching the market said the liquidity from what that supplier identified as the repayment was consumed within seconds.
What the supplier is asking for
The request says any money sent to the cbBTC market should be split pro rata among current suppliers, with examples including a claim contract or a withdrawal queue.
The supplier also asked whether the Moonwell Foundation treasury would be used, how recoveries would be divided across affected markets, and whether cbBTC suppliers rank alongside or behind the earlier cbETH remediation. The request also called for regular cbBTC accounting.
A governance report posted to Moonwell’s forum in September said contributors were pursuing the stolen funds together with law enforcement and security firm zeroShadow. None of the forum posts reviewed by Unchained disclosed any recovered amount.
