MAMO

Moonwell

2026-08-28 10:36:16

Moonwell loses about $8.7 million on Base after attacker bypasses supply-cap check

Moonwell lost about $8.7 million on Base on Thursday after an attacker used a route that did not enforce the protocol’s MAMO supply cap, according to onchain records cited by Unchained. Security firms CertiK and Blockaid linked the incident to price manipulation involving MAMO, a thinly traded token accepted by Moonwell as collateral, while PeckShield estimated the loss at $8.7 million. The attacker first used Moonwell’s standard deposit flow to supply 7.1 million MAMO at 09:12:59 UTC, receiving 346 million shares. Minutes later, the same address stopped minting shares and instead sent 34,910,397 MAMO directly to the market contract at 09:19:59 UTC, followed 70 seconds later by another 18,482,894 MAMO. Those transfers each consumed 120,017 gas, emitted only two events, and created no new shares. Because Moonwell uses Compound v2 logic, adding tokens to the pool without increasing shares raised the stored exchange rate from 0.0205 to 0.0755, about 3.7x. That made the attacker’s 346 million shares worth roughly 26 million MAMO on paper, allowing loans against inflated collateral in cbBTC, USDC, and wstETH. Moonwell said it is investigating and has set borrow caps for all Core Markets on Base to 1 wei, freezing new borrowing across those markets.

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Moonwell

2026-08-28 00:04:25

Moonwell recovers part of funds and pauses protocol interactions after MAMO price manipulation attack

Moonwell has recovered part of the funds tied to its earlier exploit and has paused protocol interactions, according to an update cited by Techub News. The project also cut borrowing caps for all core markets on Base to 1 wei as it moves to contain the fallout. The attack involved manipulation of the MAMO collateral price. Earlier reports said the attacker borrowed about 50.6 cbBTC, worth more than $4 million, from the mCBTC market and then converted the proceeds into DAI. Blockchain security firm PeckShield estimated total losses at about $8.7 million. Moonwell has also restricted supply caps for MAMO and WELL. The latest update points to an ongoing response effort after the exploit, with partial fund recovery now confirmed. The report cited by Techub references crypto.news as the source for the latest developments.

1380

Moonwell

2026-08-27 13:09:03

Moonwell probes Base MAMO Core Market exploit with estimated losses of about $8.7 million

Decentralized lending protocol Moonwell is investigating a security incident affecting the MAMO Core Market on Base after blockchain security firms flagged what they described as a multi-million-dollar exploit. CertiK and PeckShield estimated losses at roughly $8.7 million, while Moonwell said it had imposed emergency limits across Base Core Markets as a precaution. According to Moonwell’s statement on X, all borrowing caps for Core Markets on Base have been set to 1 wei. The protocol also reduced the supply caps for MAMO and WELL to 1 wei. PeckShield said the attacker consolidated the stolen funds into an address holding the DAI stablecoin. CertiK said the exploit involved manipulation of the collateral price for the low-liquidity MAMO token, after which the attacker borrowed real cbBTC from the mCBTC market. Blockaid identified the same attack pattern. Following the incident, WELL fell about 13% over 24 hours and MAMO dropped about 9%. The report also placed the case within a broader wave of DeFi exploits since April, a period in which more than $600 million has been stolen across protocols, with the largest single incident cited as Kelp DAO’s $292 million exploit.

1070

Moonwell

2026-08-27 12:58:38

Moonwell loses nearly $9 million on Base as latest exploit becomes its fourth pricing-related incident in under a year

Moonwell, a DeFi lending protocol on Coinbase’s Base network, was hit by an exploit that drained nearly $9 million in user deposits, according to Protos and on-chain security alerts from Blockaid. The attacker manipulated the price of MAMO, a relatively illiquid token accepted as collateral on Moonwell, then borrowed assets from the protocol’s mCBTC market. Blockaid said the attack was first flagged about an hour after it began, initially identifying 50.6 cbBTC, worth more than $4 million, as already drained. Protos reported that the losses later climbed as the attacker borrowed cbBTC, USDC, WETH, and wstETH, then swapped the proceeds into DAI. Of that amount, 8.7 million DAI was reported to be sitting in an Ethereum address funded via Tornado Cash. Moonwell said it responded by cutting all borrow caps, along with MAMO and WELL supply caps, to one wei to block new borrowing and contain any added damage. The incident is the protocol’s fourth pricing-related problem in less than a year, following earlier episodes involving an October 10 market-crash discrepancy, fallout tied to the Balancer hack, and a February contract error involving cbETH valuation.

1110

Blockaid

2026-08-27 10:13:04

Blockaid flags suspicious activity on Moonwell on Base after cbBTC is borrowed from mCBTC market

Blockaid said its exploit detection system has identified suspicious activity involving Moonwell on Base. According to the monitoring alert, the attacker manipulated the price of MAMO collateral and then borrowed cbBTC from the mCBTC market. The impact observed so far is the transfer of 50.6 cbBTC, which Blockaid said is worth more than $4 million. The alert did not disclose additional details beyond the monitored activity and the amount moved. ChainCatcher reported the notice as a market update.

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