Moonwell

Moonwell

2026-09-06 11:27:15

Moonwell Card to Cease Service on September 6

DeFi lending protocol Moonwell will discontinue its Moonwell Card debit card on September 6, 2026, requiring users to withdraw balances before that date. The shutdown follows the acquisition of infrastructure provider Cypher by payment firm Nium in July, as the new owner decided not to continue the card business. Launched in December 2024, the card allowed users to spend USDC at over 44 million merchants and borrow against lending positions. Moonwell confirmed that the core lending protocol and user positions remain unaffected.

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TRM Labs

2026-09-01 22:38:12

TRM Labs says 32 price manipulation attacks hit crypto lending in 2026

TRM Labs said it has recorded 32 price manipulation attacks in 2026, already more than in any previous full year. The firm said the total compares with 12 such incidents across all of 2025. It also noted that these attacks now account for about one-eighth of hacking incidents, up from one-seventeenth in 2022. According to TRM Labs, the common pattern is to push up the price of a low-liquidity token, use that inflated asset as collateral in a lending protocol, borrow other assets against it, and then let the collateral price collapse. The result can leave lending pools with bad debt after the attacker abandons the collateral. DeFiLlama data cited in the report shows total value locked in crypto-collateralized lending protocols has risen about 56% over the past two years to nearly $50 billion, while active loans are close to $29 billion. The sector now includes more than 570 lending protocols. Recent cases mentioned include losses at Tectonic tied to a TONIC price spike, a Cronos incident that ended with the attacker obtaining about $6 million after a chain rollback, and an earlier Moonwell loss linked to manipulation of the MAMO oracle price.

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Tectonic

2026-08-31 03:01:10

Tectonic hit by TONIC price manipulation attack, losses estimated at about $74 million

Cronos-based lending protocol Tectonic was hit by an attack on Aug. 30 in which an exploiter allegedly used thin TONIC liquidity to push the token’s price up by about 100x in roughly 20 minutes, then used the inflated collateral value to borrow more liquid assets from the protocol. Researcher Weilin Li initially traced about $66 million tied to the exploit, including roughly $6 million bridged to Ethereum and about $60 million left in three Cronos addresses, before identifying another attacker-linked address holding about $8 million. PeckShield later estimated total losses at around $74 million. Cronos halted block production after confirming a vulnerability affecting Tectonic, while the protocol told users to stop interacting with it. Crypto.com CEO Kris Marszalek said the Crypto.com app and exchange were not affected and that the company’s security team was helping with the investigation. Before the incident, Tectonic was the largest lending protocol on Cronos by total value locked. DefiLlama data cited in the report showed about $120 million in TVL and roughly $82.7 million in active loans before the attack; by Aug. 31, TVL had dropped to below $3 million. The report compares the incident with the MAMO market exploit on Moonwell on Aug. 27 and the 2022 Mango Markets case, both of which involved low-liquidity token price inflation feeding into borrowing power through protocol pricing systems.

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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.

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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.

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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.

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Base

2026-08-27 10:12:05

Suspicious activity hits Moonwell on Base, with 50.6 cbBTC moved

BlockBeats reported on Aug. 27 that blockchain security firm Blockaid detected suspicious activity involving Moonwell on the Base network. According to Blockaid’s exploit detection system, 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, valued at more than $4 million. The report did not provide additional details beyond the amount moved and the method identified by the monitoring system. The incident was described as activity observed on-chain, and the figures cited were limited to what Blockaid had seen at the time of the alert.

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